Starting January 2009, any Canadian resident 18 years or older with a valid SIN will have a great new way of sheltering their investments with the Tax-Free Savings Account.

Power, Freedom and Security: TFSA Advantage

Power to save without paying taxes on the growth of your investments or affecting your eligibility for federal income-tested benefits (Old Age Security (OAS), Guaranteed Income Supplement (GIS), Canada Child Tax Credit (CCTC), GST Credit, etc.)

Freedom of flexible features and tax-free withdrawals allows the TFSA to be customized to both short and long-term investment goals.

Security of certain benefit guarantees that may be reset to lock-in the growth when your TFSA is invested in Empire Life Segregated Funds.

Key Features of a TFSA

Contribute up to $5,000 per year with unused contribution room carried over
No maximum age limit for opening or contributing to a TFSA
No tax deduction, but any growth of your savings is tax-free…for life
Tax-free withdrawals at any time
TFSA deposits do not affect your RRSP contribution limits or other federal income-tested benefits or credits
Spousal income splitting allows married or common law partners to double their combined annual limits to $10,000
Deposits, growth and income from a TFSA will not affect your eligibility for federal income-tested benefits (OAS, GIS, CTTB and GST credits)
Eligible investments include; Empire Life Segregated Funds, Guaranteed Interest Options, Treasury Interest Option

The TFSA is the most powerful personal savings incentive since the RRSP and could revolutionize the way Canadians invest, grow and access their money.

Standard Life, Empire Life, and Manulife all provide excellent but not identical TFSA plans.

Your Best Insurance Is An Insurance Broker