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A tax-free savings account (TFSA, French: Compte d'épargne libre d'impôt, CELI) is an account available in Canada that provides tax benefits for saving. Investment income, including capital gains and dividends, earned in a TFSA is not taxed in most cases, even when withdrawn.
For 2025, employees aged 50 and up who participate in most 401(k) plans or the federal government’s Thrift Savings Plan can save up to $31,000 annually, including a $7,500 catch-up contribution.
Contributions are concentrated at the maximum amount – of those contributing to an IRA, approximately 40% contributed the maximum (whether contributing to traditional or Roth), and 46.7% contributed close to the maximum (in the $5,000–$6,000 range). The Government Accountability Office (GAO) issued a report on IRAs in November 2014. [32]
Saving for retirement will get a modest boost in 2025 thanks to higher contribution limits and the phase-in of provisions stemming from the Secure 2.0 Act, which became law at the end of 2023.
Ongoing contributions. You can deposit money into your savings account as often as you like. This makes it easier to grow your savings over time — unlike no-penalty CDs, which only allow a ...
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