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Tax-Free Savings Account (TFSA)


A Meridian TFSA allows you to invest your money and watch it grow tax-free.
 
Below are some commonly asked questions, and our answers, on TFSAs.

For more information or to open an TFSA, contact your local Meridian branch to set up an appointment. 

Any investments held within a TFSA are tax-sheltered and grow tax-free

Funds can be withdrawn from a TFSA at any time and are not taxed upon withdrawal

When you withdraw funds from your TFSA to help pay for your retirement (or anything else) this doesn't count as income

Meridian has a wide range of TFSA investment options with competitive rates to meet your unique needs

FAQs


  • What are the benefits of a TFSA?
    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.
     
  • Who can contribute to a TFSA?
    Canadian residents 18 years of age or older who hold a valid social insurance number are eligible to contribute to a TFSA.
     
  • How can I fund my TFSA?
    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.
    1. 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.
     
  • What investment options are available for my TFSA?
    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.
     

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Transfer your registered funds to any of our TFSA products and qualify for a 1% cash bonus