Contributions to a TFSA cannot be deducted when calculating your income for tax purposes. Likewise, TFSA capital gains aren't taxable.
There are multiple advantages associated with opening a TFSA. For example, it can be a great way to save for a project you want to carry out in the short or medium term, as well as an effective fiscal tool that will allow you to generate income in retirement. Interested in this savings vehicle? Learn more about the TFSA with FlexiFonds.