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About IEFInvestor Education Fund (IEF) is funded by the Ontario Securities Commission to develop and promote tools and resources that help people make smarter financial decisions. GetSmarterAboutMoney.ca is IEF’s public educational website.
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Canadians 18 or older with a valid Social Insurance Number can save up to $5,000 each year in a Tax-Free Savings Account (TFSA). A TFSA is a very flexible savings vehicle. Unlike a Registered Retirement Savings Plan (RRSP), contributions to a TFSA are not tax deductible. The money you put into a TFSA has already been taxed. As a result, you can withdraw your TFSA savings whenever you want for any reason, without any tax consequences. MORE