Tax-Free Savings Account


With a Tax-Free Savings Account (TFSA), your investments grow tax-free and you can make tax-free withdrawals at any time, for any reason.


Who can open a TFSA?

  • Any Canadian resident 18 years or older with a Social Insurance Number.
  • The age of majority is 19 for residents of Newfoundland and Labrador, New Brunswick, Nova Scotia and British Columbia which may delay the opening of a TFSA. However, the accumulation of contribution room will start at age 18.


What are the benefits?

  • Tax-free investment income, including interest, dividends and capital gains
  • Any unused contribution room can be used in future years
  • No upper age restriction on contributions, unlike an Registered Retirement Savings Plan (RRSP)
  • Make withdrawals any time for any purpose (e.g. car purchases, vacations, home renovations)
  • Previous year's withdrawals are added back to your unused contribution room
  • Income earned and withdrawals have no impact on federal income-tested benefits or credits (Guaranteed Income Supplement, Child Tax Benefit, Old Age Security, etc.)
  • Canadians can contribute to their spouse's or common-law partner's TFSA subject to available contribution room


What are the considerations?

  • Unlike an RRSP, contributions are not tax deductible
  • Capital losses within the TFSA cannot be used to offset taxable capital gains outside the TFSA
  • Interest on funds borrowed to fund the TFSA is not tax deductible
  • Penalty tax on excess contributions


What investments are qualified for the TFSA?

  • Cash, mutual funds, guaranteed investment certificates (GICs), publicly traded securities, and government and corporate bonds.

Insights into giving and inheriting wealth across generations

Within a generation, over $400 billion is expected to be passed down to inheritors in Canada. How are Canadian families preparing for one of the largest transfers of wealth in history? And will inheritors be ready?


“It’s up to the givers of wealth to proactively prepare the next generation to manage that wealth.”


Integrity, Experience and Accessibility

Pauline Osborne and Wendy Penman are focused on providing comprehensive financial and investment solutions designed especially for you.

Their first step is to gain an understanding of your situation, including personal financial needs and goals. From there, they work in close consultation with you to create a strategy, which brings together all the elements you need to achieve your financial goals. Believing in a holistic approach, Pauline and Wendy have access to a broad range of services provided by RBC Dominion Securities, including Investment and Income solutions, Estate Planning, Financial Planning and Insurance needs analysis.

Pauline and Wendy, understand that your money is important to you but other things are, too. Most frequently, we find clients are thinking about their own financial security and income needs (through a properly constructed portfolio); family members (through education plans, estate preservation); legacies and charitable intentions (through trusts and foundations); and achieving their personal dreams. We firmly believe that balancing future needs with an understanding that we must also live now is imperative.

Over the years, Pauline and Wendy have built a loyal following of conservative clients. They work with individuals, corporations, and trusts and offer high personalized service. Supported by their capable assistant, Lana Cormier, they are well positioned to help you with your needs.

Their contact information is on the left. Please feel free to call or email them.

Important notices