Saving just got a whole lot easier. The flexibility of a Tax-Free Savings Account (TFSA) means that you can earn tax-free investment income in a whole new way. If you’re 18 years of age or older, you can contribute up to $5,000 per year to a TFSA. While contributions are non-deductible for tax purposes, the interest income earned inside the TFSA and any withdrawals are not taxable nor do they affect your eligibility for Old Age Security, the Guaranteed Income Supplement, or Canada Child Tax Benefit. A TFSA can supplement your other existing registered plans like the Registered Retirement Savings Plan (RRSP) or the Registered Education Savings Plan (RESP). boomerang CREDIT UNION, where your money comes back to YOU!