If you invested in a TFSA instead of a non‑registered plan, your tax savings would be:
The longer you save, the more you can earn.
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Investment rates can depend on when you need your savings and your investment choices.
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If you have some money set aside, putting that into your TFSA is a great way to get started - as long as it doesn’t exceed your contribution limits.
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Every year you get new contribution room, allowing you to save more.
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Tax rates vary based on your province or territory.
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We'll use this to calculate how much you'll save in taxes with a TFSA.
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| Year | TFSA Annual Limit |
|---|---|
| 2009 | $5,000 |
| 2010 | $5,000 |
| 2011 | $5,000 |
| 2012 | $5,000 |
| 2013 | $5,500 |
| 2014 | $5,500 |
| 2015 | $10,000 |
| 2016 | $5,500 |
| 2017 | $5,500 |
| 2018 | $5,500 |
| 2019 | $6,000 |
| 2020 | $6,000 |
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$549
after 10 years
Taxable Investment
TFSA
TFSA
Taxable
When will you need the savings?
The longer you save, the more you can earn.
How do you prefer to invest your savings?
Investment rates can depend on when you need your savings or how you invest them.
How much do you want to start with?
If you have some money set aside, putting that into your TFSA is a great way to get started as long as it doesn’t exceed your contribution limits.
How much and how often will you save in your TFSA?
Every year there is new contribution room allowing you to save more.
What's your annual income?
We'll use this to calculate how much tax you can save with a TFSA.
Where do you live?
Tax rates vary based on your province or territory.