Tax Free Savings Account (TFSA)
A Tax Free Savings Account (TFSA) is a flexible savings arrangement registered under the Income Tax Act (Canada)
that allows Canadians to contribute up to $5,000 a year to the account. Contributions are made with after-tax dollars and are not tax-deductible. Investment income is not taxed and withdrawals are tax-free.
If a TFSA is invested in:
- A Segregated Fund policy, the promised guaranteed amount is added together with other amounts protected under Assuris’ Registered Cash Value protection.
Group Tax Free Savings Account (TFSA)
A Group TFSA is protected separately from an Individual TFSA.
A Group Segregated Fund policy generally does not provide a guaranteed amount on death or maturity and are therefore normally excluded from Assuris' protection.