Tax free savings accounts were proposed by the Canadian government in 2008 and introduced in 2009 as an incentive to help Canadians save money. A tax free savings account - or TFSA - differs from a regular savings account in a couple of ways. The most important point is that Canadians may use the accounts to save up to $5000 per year, tax free. Specifically, that means that any interest accumulated while the money is invested is not subject to income tax.
What is a Tax Free Savings Account and How Does it Work?
All Canadians who are 18 years of age or older are eligible to open a tax-free savings account and Canadian banks are competing with each other trying to offer the best interest rates to attract new customers. In April 2010, ING Direct Bank was the winner, offering a solid 3% return on cash invested in the TFSA.
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