You'll often hear condensation called a warming process, which can be confusing since condensation has to do with cooling. While condensation does cool the air inside of the air parcel, in order for that cooling to occur, that parcel must release heat into the surrounding environment.
A Tax-Free Savings Account (TFSA), is an account where you can save or invest up to $10,000 a year. 1 Unlike other types of savings, youâre not taxed on the income you earn.Itâs a great way to save for your short or long-term goals; because it lets your savings grow â tax-free. Tax-Free Savings Account (TFSA) is a registered savings account regulated by the federal government. Through a TFSA, you can put your savings into eligible investments and not pay tax on the investment income you earn.
Opening a savings account is an excellent way to keep your money safe while earning a competitive rate of interest. With a savings account, your money is insured up to a limit of $250,000 as of 2011, so you can be sure your money is safe.ach year you have your savings account you will receive a 1099-INT form listing the amount of interest you received for the previous year. It is your responsibility to report the amount of interest you received to the IRS when you complete your tax return.