Scotia TFSA Information Centre

Video Transcript

ANNOUNCER:

Welcome to Scotiabank's Tax Free Savings Account Information Centre. Together, let's explore the benefits of the Tax Free Savings Account and help you figure out how it best fits into your life. And then, you can hear about how the TFSA is meeting the needs of Scotiabank customers face to face.

The Tax Free Savings Account is considered the most important investment vehicle since the creation of the RRSP. It was created to help you save for different purposes throughout your lifetime, tax-free. A tax-free savings account deliveries real value for Canadians.

So now, let's about the benefits of having a TFSA. All income earned within a TFSA is tax-free for life. Contribute to your TFSA regularly but don't exceed your contribution room. A penalty will be imposed if you do. There's full flexibility; withdraw whenever you want. All withdrawals are tax-free but remember that amounts withdrawn cannot be re-deposited until the following year.