the tax free savings account started in canada in 1967.
the tax free savings account started in canada in 1967.
when did the tax free savings account start in canada?
1967
despite the name, a tfsa does not have to be a cash savings account. like an rrsp, a tfsa may contain cash and/or other investments such as mutual funds, certain stocks, bonds, or guaranteed investment certificates (gics). the cash on hand in a tfsa will collect interest just like a regular savings account, except that the interest will be tax free.









































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the first tax-free savings account was introduced by jim flaherty, then canadian federal minister of finance, in the 2008 federal budget. it came into effect on january 1, 2009.
tax-free savings account (canada)
tax-free savings account (canada)









































the tax-free savings account (tfsa, ) is an account available in canada that provides tax benefits for saving. investment income, including capital gains and dividends, earned in a tfsa is not taxed in most cases, even when withdrawn. contributions to a tfsa are not deductible for income tax purposes, unlike contributions to a registered retirement savings plan (rrsp).
tax-free savings account (canada)