{"id":1021,"date":"2020-02-21T10:26:48","date_gmt":"2020-02-21T15:26:48","guid":{"rendered":"https:\/\/fortax.ca\/?p=1021"},"modified":"2020-02-21T10:26:48","modified_gmt":"2020-02-21T15:26:48","slug":"tax-free-savings-accounts","status":"publish","type":"post","link":"https:\/\/evolvethought.com\/fortax\/2020\/02\/21\/tax-free-savings-accounts\/","title":{"rendered":"TAX-FREE SAVINGS ACCOUNTS"},"content":{"rendered":"<style>\n.page-title-inner {display: none;}\n.entry-header-text-top {display: none;}\ndiv#comments {display: none;}\n.entry-author {display:none;}\nfooter.entry-meta {display: none;}\n.sp-big-p {font-size: 120%; font-weight: 600;}\n<\/style>\n<h2 style=\"margin-bottom: 1em;\">TAX-FREE SAVINGS ACCOUNTS<\/h2>\n<p>An alternative to RRSPs that is rising in popularity is the Tax-Free Savings Account (TFSA). TFSAs were launched in 2009, open to Canadians ages 18 and up. Funds grow in your TFSA tax-free and withdrawals can be made at any time (also tax-free). There is a maximum contribution amount that you\u2019re allowed to put in and any unused contribution room is carried forward. <\/p>\n<p>TFSA contribution limits:<\/p>\n<ul>\n<li>2009 $5,000<\/li>\n<li>2010 $10,000<\/li>\n<li>2011 $5,000<\/li>\n<li>2012 $5,000<\/li>\n<li>2013 $5,500<\/li>\n<li>2014 $5,500<\/li>\n<li>2015 $10,000<\/li>\n<li>2016 $5,500<\/li>\n<li>2017 $5,500<\/li>\n<li>2018 $5,500<\/li>\n<li>2019 $6,000<\/li>\n<\/ul>\n<p>There are, however, rules on when you can put withdrawn money back into your TFSA to be aware of. If you go over your maximum contribution amount you could face a one percent tax penalty.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TAX-FREE SAVINGS ACCOUNTS An alternative to RRSPs that is rising in popularity is the Tax-Free Savings Account (TFSA). TFSAs were launched in 2009, open to Canadians ages 18 and up. Funds grow in your TFSA tax-free and withdrawals can be made at any time (also tax-free). There is a maximum contribution amount that you\u2019re allowed&#8230;<\/p>\n","protected":false},"author":1,"featured_media":1023,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[72],"tags":[],"class_list":["post-1021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fortax-blog"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/posts\/1021","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/comments?post=1021"}],"version-history":[{"count":0,"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/posts\/1021\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/media\/1023"}],"wp:attachment":[{"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/media?parent=1021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/categories?post=1021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/tags?post=1021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}