TFSA (Tax-Free Saving Account) More money in your pockets.

A TFSA is an optional financial product that lets you save money without paying taxes on the interest you earn. This makes it an ideal way for people to save money- and it can help you accumulate wealth over time. In addition, the low minimum balance required to open a TFSA makes it accessible to people of all income levels. Individuals who want to start saving money in a TFSA need only have $5 in accessible funds. In addition, individuals and businesses can contribute up to $5,500 per year to their TFSA. As a result, people can save a lot of money in their TFSA without breaking the bank.

Banks offer TFSA accounts as part of their services to encourage customers to save money. This is especially useful for individuals who want to start investing money. Plus, setting up an account for new customers reduces the bank's operational costs, which helps them make more profits. In addition, setting up a TFSA for your business allows you to offer employees incentive pay for filling out forms and arranging deposits. This saves time and gets your business moving forward with its goals.

The annual contribution limit for an individual's TFSA is $5,000, while the yearly limit for a business is $10,000. The age limit has also recently been increased from 71 to 69 years old by 2017. As a result, more Canadians are saving money in their TFSA accounts this year than ever before. Lower limits make it easier than ever for Canadians to start investing money in an easy way without worrying about taxes.

A TFSA is a great way of saving money without paying taxes on the interest you make off of your savings. In addition, banks can easily set up new accounts for customers without paying any fees- making it worthwhile for both businesses and individuals. Low minimum balance requirements make it easy for anyone to open an account no matter what their income level is. Ultimately, TFSAs are becoming increasingly popular as Canadians see how easy it is to save money effectively in this way.