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Key Features
- Eligible investments include Class Plus 3.0, Empire Life Guaranteed Investment Funds and Guaranteed Interest Contracts
- Contribution room: $6,500 for 2023 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, CTTB and GST credits)
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