FAQ Category: Tax Free Savings Accounts

How much can you contribute?

How is a TFSA different from a regular savings account?

With a TFSA, the interest you earn is tax-free—helping your savings grow faster compared to a regular savings account.

Are there fees or minimum balance requirements?

No—Hubert’s TFSA high interest savings account has no monthly fees and no minimum balance required.

Can I withdraw money from my TFSA anytime?

Yes—you can withdraw your money at any time, with no tax on what you take out.

Where can I learn more information?

More information about tax-free savings accounts is available on the Canada Revenue Agency’s TFSA website.

How Does a Tax-Free Savings Account Work?

The Federal Government allows Canadians, 18 or older, to contribute a certain amount to their tax-free savings account every year. If you have an account, the government won’t tax you on any interest you earn, including capital gains. You won’t even be taxed when you take money out. If you… Read more