1. The Tax Free Savings Account lets you invest while not being taxed on interest or investment earnings.
2. You can contribute a maximum of $5000 a year.
3. You can have more than one Tax Free Savings Account and you can also have Tax Free Savings Accounts with more than one financial institution.
4. You don’t have to pay any tax on money you take out of your Tax Free Savings Account, and withdrawals from your Tax Free Savings Account don’t affect your ability to qualify for Federal benefits like the Child Tax Benefit, Guaranteed Income Supplement, Old Age Security benefits, Age credit, or Goods and Services Tax credit.
5. You’ll be able to open savings accounts, GIC’s and mutual funds tax-free.
6. Money you put into your Tax Free Savings Account will not be deducted from your income on your tax return.
7. When you file your tax return each year, the government will determine your remaining available Tax Free Savings Account contribution limit for the coming year.
8. If you take money out of your Tax Free Savings Account, you don’t lose the contribution room. You get it back in the following year. If you don’t make the maximum contribution you don’t lose the contribution room. The unused contribution room gets carried over to the following year. There is no limit to how much or how long contribution room can be carried forward.
9. You can open a Tax Free Savings Account if you are 18 years of age and a Canadian resident.
10. The Tax Free Savings Account comes to Canada January 1, 2009.

Relates Posts:

• October 6, 2008 -- ING Tax Free Investment Savings Account (0)
• March 7, 2008 -- Canadian Tax Software 2007 (1)