TFSA Tidbits

On January 1, 2011, Canadians age 18 and over will have another $5000 of Tax Free Savings Account (TFSA) contribution room. Although these contributions are not tax deductible, investment income earned within a TFSA is not taxable and will not interfere with income-tested government benefits and credits. Contribution room carries forward, including the value of amounts withdrawn! Just remember ñ TFSA redemptions during one year cannot be re-contributed until the following year.

For more information: http://www.fin.gc.ca/n10/10-132-eng.asp