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Learn How to Reduce Your 2016 Taxes by $3,350 or More With a Health Savings Account! The contribution you make to your health savings account (HSA) is 100 percent tax-deductible up to a limit of $6,750 for a family and $3,350 for an individual. Your HSA-qualified health insurance must be in place by December 1st in order to qualify for a current year tax deduction.
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.