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Types of workplace savings plans

Five things to know about Group TFSAs Add to ...

Introduced by the federal government in 2009, the TFSA is a relatively new way of saving. A Group TFSA works the same way as an individual TFSA.

Five things to know about Group TFSAs

  1. All TFSA investment earnings are tax-sheltered, but contributions are not tax deductible.
  2. As of January 1, 2013, you (or you and your employer) can contribute up to $5,500 each year. If you don’t contribute the full amount each year, you can carry forward the unused amounts.
  3. You decide how your money is invested from the investment options your employer makes available.
  4. You can take money out when you want, for any reason, without paying any tax.
  5. If you take money out, you can re-contribute it the following year, in addition to the annual $5,500 maximum, however re-contributions for 2009 to 2012 are based on the previous $5,000 contribution limit.

Learn more about TFSAs.

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Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca

 

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