The tax-free savings account (TFSA) is a flexible savings vehicle. Investment income earned in this account is tax-free, which may help you reach your financial goals more quickly. The TFSA complements existing savings plans which may include your registered retirement savings plan (RRSP) and your registered education savings plan (RESP). This article describes how the TFSA may benefit you, as well as some pitfalls and anti-avoidance rules you should be aware of.
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