Are you saving for a car or a dream vacation? A TFSA is a great way to save tax-free. The TFSA is a way for individuals who are 18 and older and have a valid social insurance number (SIN) to save money and withdraw it tax-free throughout their lifetime.
Whether you already have a TFSA or are thinking about opening one soon, it is important to remember that overcontributing to your TFSA can result in a tax of 1% for every month that the excess contributions stay in your account(s).
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Information source from Canada Revenue Agency (CRA)