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    Tax-Free Savings

    2017 Contribution Limit Update

    Effective January 1, 2017 your annual contribution limit will remain the same as the 2016 year at $5,500.

    The Department of Finance Canada’s backgrounder on this change is available here: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/cntrbtn-eng.html

    To learn more about TFSAs and your options please contact a Libro coach.

    Find a Coach

    The Facts

    • A TFSA is a simple investment tool to help you save money – tax-free.
    • Any Canadian resident 18 years or older can hold a TFSA.
    • Each year you can contribute up to a specified amount into your TFSA.1
    Year Contribution Limit
    2017 $5,500
    2016 $5,500
    2015 $10,000
    2013, 2014 $5,500
    2009-2012 $5,000

    The Benefits

    • Your money grows tax-free – when you withdraw funds you pay no tax, and you pay no tax on interest earned.
    • If you didn’t maximize your contribution in any given year, the unused contribution room accumulates and can be used in future years.
    • You can withdraw funds without penalty and re-contribute to catch up in later years (recontributing in the same year may result in an over-contribution amount which would be subject to a penalty tax).
    • Income earned in, or funds withdrawn from, a TFSA do not affect eligibility for certain benefits and credits such as Old Age Security, the Guaranteed Income Supplement or the Canada Child Tax Credit.
    • TFSAs are flexible – you can invest in term deposits, GICs, mutual funds2 or just leave it in a savings account. And you can save for anything – a new car, a vacation, a home renovation or just a rainy day.

    Why a Libro TFSA?

    Growing prosperity for you is why Libro exists. Libro’s TFSAs come with a Coach – someone to work with you to map out your goals, to fit your investment into your overall financial plan. To help you figure out how to maximize your TFSA earning potential in a way that works for your life and your plans.

    With a goal and a Coach – what better way to save than tax-free at Libro!

    For more information about Tax-Free Savings Accounts, read Libro's Let's Talk article.


    1Amount indexed based on the inflation rate. The indexed amount will be rounded to the nearest $500. Starting in 2009, TFSA contribution room accumulates every year, if at any time in the calendar year you are 18 years of age or older, have a valid Canadian social insurance number and are a resident of Canada.

    2Mutual funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment will be returned to you. Mutual Funds are not guaranteed, their values change frequently, and past performance may not be repeated.