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Transcript: Let’s talk about – TFSAs
[Upbeat music playing.]
[CIBC Logo.]
[Let’s talk about: Tax-Free Savings Accounts (TFSA).]
[Carissa Lucreziano, Vice-President, Financial and Investment Advice.]
Your Tax-Free Savings Account, also known as a TFSA, is a great way to save and invest for all kinds of goals.
But it's so much more than just a savings account. Here's why.
[It's really tax free!]
Once you contribute your savings to a TFSA, you can invest them to grow tax free.
[A potted plant and a pen holder sit next to a computer monitor. A 5, 10 and 20 dollar bill drop into the monitor like a piggy bank. A line graph is displayed on the monitor.]
That means any income and gains from your investments are all yours.
[Withdraw when you need to.]
One of the biggest differences between a TFSA and other registered savings plans, is that you can withdraw your money for any reason without taxes or penalties.
[5, 10 and 20 dollar bills are removed from a wallet and placed between the pages of a calendar.]
You can also re-contribute any withdrawn amounts the following year.
[Save for every ambition.]
Last but not least, you can have multiple TFSAs with different investments for different ambitions. Like a tropical vacation or a down payment on your dream home.
[An airplane in the sky. A house with a “sold” sign in the front.]
But remember that your total TFSA contribution room applies across all of your plans.
[To open or contribute to a TFSA, visit cibc.com/TFSA. All registered plans have rules you must follow.]
[CIBC Logo.]
[The CIBC logo is a trademark of CIBC.]