TFSAs: A way to invest your money and earn tax-free income
Whether you are saving for a new home or for your retirement, CIBC can help you reach your goal with a Tax-Free Savings Account (TFSA). A TFSA is a flexible Canadian savings plan that lets you earn tax free income on your investment in the account.
As a Canadian resident, you can put up to $6,000 a year into a TFSA. If you do not invest the full $6,000 one year, you can carry the unused amount forward to the following year. For example, if you only invest $4,500 in a TFSA this year, next year you will be able to invest the $6,000 year maximum plus the unused $1,500, for a total of $7,500.
CIBC offers many TFSA options: