A Tax-Free Savings Account (TFSA) is an account where investment profits earned, including interest, dividends, and capital gains, are not taxed—even when you withdraw the funds from the account.
However, contribution limits for your TFSA are set by the Canada Revenue Agency (CRA), and it's important to verify your available contribution room directly with the CRA. You can check your limit through your Tax Assessment or by logging into CRA MyAccount.
Disclaimer:
This article does not represent a tax or investment strategy recommendation. You should consult with a tax advisor or financial professional to ensure this is the right move based on your personal financial situation.
