Tax Memo: Tax-Free Savings Account

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A Good Way to Save

Beginning January 2009, Canadians can contribute to a new savings vehicle, the Tax-Free Savings Account (TFSA). You can use the TFSA for any savings goal including

Preparing for retirement
Buying a home
Starting a small business
Taking a vacation

In addition to your Registered Retirement Savings Plan contributions and mortgage payments to your principal residence, the TFSA's advantages make it a high-priority investment option. This Tax Memo discusses the savings vehicle's rules and how it can benefit you.

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