A TFSA allows you to invest your money and watch it grow tax-free. You are not taxed on any earnings within your TFSA (e.g., interest earned on from your investments).  There are also no restrictions on the way that TFSA funds can be used. So, you can use a TFSA to save for anything like a dream trip, a new house, or even your retirement.
 

Canadian residents 18 years of age or older who hold a valid social insurance number are eligible to contribute to a TFSA.
 

As of January 1, 2019, the annual contribution limit will be $6,000, providing up to $63,500 of cumulative contribution room.
 

Unused contribution room can be carried over to subsequent years.
 

You are allowed to withdraw funds from your TFSA whenever you need to. You can recontribute the amount that you withdrew on January 1^st of the following year.
 

1. Transfer from savings

Build your savings throughout the year using Meridian’s High Interest Savings Account. When it comes time to invest in your TFSA, you'll already have the funds you need.

2. Pre-Authorized Contribution Plan (PAC) for your TFSA

Managing your TFSA savings with a pre-authorized contribution plan is a smart and easy way to save. Set up your PAC to automatically withdraw as little as $25 from your chequing or savings account. When it comes time to invest in your TFSA, you’ll already have the funds that you need.
 

At Meridian, we have a wide range of options to help you build your TFSA investment portfolio. Contact your Advisor today to learn more. Your Advisor will work with you to help find way to get your money working for you.
 

Download our free PDF booklet Understanding TFSAs to learn more.