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Key Features

  • Eligible investments include Class Plus 3.0Empire Life Guaranteed Investment Funds and Guaranteed Interest Contracts
  • Contribution room: $7,000 for 2024 with unused contribution room carried over indefinitely
  • Over-contribution penalty - 1% on the excess amount each month
  • Tax-free growth – no tax on interest, dividends or capital gains from TFSA investments
  • Tax-free withdrawals at any time
  • Deposits, growth and income from a TFSA do not affect the eligibility for federal income-tested benefits (OAS, GIS, CCB and GST credits)

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