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    Grow Your Wealth
    Tax-Free and Flexible

    Maximize your savings with a TFSA from Punjab Insurance. Enjoy tax-free investment growth, flexible withdrawals, and personalized advice to help you reach your financial goals at every stage of life.

    Sikh couple reviewing tax-free investments

    What Is an TFSA?

    A Tax-Free Savings Account (TFSA) is a registered account that allows Canadians to save and invest money-completely tax-free. Whether you're saving for a big purchase, retirement, or just building an emergency fund, a TFSA gives you the flexibility and freedom to withdraw funds at any time, for any reason, with no tax penalties.

    • Tax-free investment growth- no tax on interest, dividends, or capital gains
    • Flexible contributions and withdrawals- access your money anytime, tax-free
    • Can hold a wide variety of investments- GICs, stocks, bonds, mutual funds, ETFs, and more

    Tax Free Savings Account (TFSA)

    Submit

    How Does TFSA Work?

    Contribute
    Contribute

    Add funds up to your annual TFSA limit (set by the government; unused room carries forward)

    Grow
    Grow

    Investments inside your TFSA grow tax-free-no taxes on earnings or withdrawals

    Withdraw
    Withdraw

    Take money out at any time, for any purpose, with no tax consequences

    Spousal RRSPs
    Re-contribute

    Amounts withdrawn are added back to your contribution room in the following year

    TFSA vs. RRSP-Which Is Better?

    Both TFSAs and RRSPs are powerful savings tools, but they serve different purposes:

    • TFSA: Best for flexible savings, short-term goals, or if you expect to be in a higher tax bracket later. Withdrawals are tax-free and do not affect government benefits.
    • RRSP: Best for long-term retirement savings, especially if you're in a higher tax bracket now and expect to be in a lower bracket in retirement. Contributions are tax-deductible, but withdrawals are taxed.

    Tip: Many Canadians benefit from using both accounts as part of a balanced savings strategy.

    Why Choose Punjab Insurance?

    Access to Canada's top insurer
    Access to Canada's top insurers and competitive quotes
    Expert advisors
    Expert advisors to help you compare options and choose the right coverage
    Transparent advice
    Transparent advice on the pros and cons of each option

    FREQUENTLY ASKED QUESTIONS

    Frequently Asked Questions about
    TFSA

    How much can I contribute to my TFSA?
    Your annual limit is set by the government and unused room accumulates-ask us for your personalized limit.
    What investments can I hold in my TFSA?
    You can invest in GICs, mutual funds, stocks, bonds, ETFs, and more.
    Do TFSA withdrawals affect government benefits?
    No-withdrawals are tax-free and do not impact OAS, GIS, or other income-tested benefits.
    How do I get started?
    Get a free quote or schedule a call with a licensed Punjab Insurance advisor for personalized help.
    View all Faq's

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    Grow your wealth with a tax-free and flexible TFSA. Enjoy tax-free investment growth, convenient withdrawals, and personalized guidance to help you achieve your financial goals-today and at every stage of life.
    Disclaimer: Information on this page is for general guidance only and not a substitute for professional advice. Please consult a licensed Punjab Insurance advisor for personalized recommendations.