Getting The Most Out Of Your Tax-Free Savings Account

Are you a recipient of a Tax-Free Savings Account (TFSA) resulting from your late spouse or common-law partner? Are you aware of the long list of forms and timelines required for being entitled to a TFSA account?

Being introduced in 2009, the TFSA provides a way for individuals who’re 18 years or older to save money free from taxes. To be entitled to receive the TSFA, however, one must have a deceased spouse and a valid social insurance number.

The contributions towarsd the Tax-Free Savings Account is set each year and any contributions that you make into the account will not be taxed. Any savings, withdrawals or income earned from the account is exempted from government taxes.