RedFlagDeals.com Tax Free Savings Account (TFSA) Limit Raised to $5,500 for 2013 2013 TFSA Limit Raised to $5,500get this deal
The Government of Canada announced earlier this week that the Tax Free Savings Account (TFSA) contribution limit has been raised to $5,500 for 2013! This isn't exactly a deal, but it's a very important information if you want to get the most out of your money.
If you're not familiar with the Tax Free Savings Account, it enables Canadians to set aside up to
$5000 $5,500 each year in various savings options and not have to pay tax on the income earned or on withdrawals. You can see this Department of Finance Canada page for some estimates on how much more you could accumulate over time with this contribution limit increase.
What's your reaction to the news? Join the TFSA discussion in our personal finance forum!