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!
If you're not familiar with the Tax Free Savings Account, it enables Canadians to set aside up to $$5,500 each year in various savings options and not have to pay tax on the income earned or on withdrawals. But the contributions are not tax-deductible.
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