Green Plant Growing

​​Tax-Free Savings Account (TFSA)

Get the most from your savings – tax free

A TFSA is the perfect way to reach your savings goals faster.

Features of a TFSA

A simple investment option designed to help you save money.

A Tax-Free Savings Account (TFSA) lets you save your after-tax income and pay no further taxes on those funds or the investment returns.

Kite and Coin Going into Piggy Bank

Enjoy freedom

Use the money in your TFSA for any reason you like.

Two Overlapping Dollar Bills and Coin Going into Piggy Bank


Your TFSA savings grow tax-free and withdrawals are tax-free.

ATM Money Dispenser Giving Money and Coin Going into Piggy Bank

Withdrawals carry over

Withdrawals increase your contribution limit the following year.

Key and Coin Going into Piggy Bank

Access your money any time

Withdraw money any time (subject to investment restrictions).

Tree and Coin Going into Piggy Bank

Contribute to your future

Unused contribution room can be carried forward to use in future years.

Hand Receiving Two Coins and Coin Going into Piggy Bank

Worry-free withdrawals

Withdrawals don’t affect your eligibility for federal income-tested benefits.

Consider a TFSA if...

  • You’ve maxed out your RRSP
  • You need a down payment for a home or vehicle (a TFSA withdrawal doesn’t have to be repaid)
  • You just want to put some money on the side
  • You need access to your savings before retirement
  • ​You’re retired and you need a tax-free place to save
  • You’re a low-income senior
    • Since tax-free TFSA withdrawals won’t be added to your income, they won’t trigger any reductions in Old Age Security benefits or the Guaranteed Income Supplement.
  • You’re married or have a common-law partner
    • TFSA holders can name their spouse as a beneficiary and roll the proceeds over to them upon their death.

TFSA Contribution Limit

How much can you contribute?

Year(s)Contribution limit






Please consult your Notice Of Assessment or call the Canada Revenue Agency (CRA) at 1-800-959-8281 to find out your personal TFSA contribution limit. Unused contributions from previous years can be carried over and past withdrawals can be re-contributed in the following year.

TFSA Rates

{{'' | i18n}}

{{ '' | i18n: { rateGroupName: $ } }}
{{ $ }} {{ '' | i18n}}
{{ | rate:'currency' }}
{{ rate.rate | rate:'percent' }}
{{ '' | i18n: { rateGroupName: $ } }}
{{ $ }} {{ '' | i18n}} {{ '' | i18n}}
{{ | rate:'currency' }}
{{ rate.clientBuyRate | rate }}
{{ rate.clientSellRate | rate }}

TFSA Calculator

Get the most from your savings – tax free.

A TFSA is the perfect way to reach your savings goals faster.

Woman Smiling While Using Online Banking On Laptop

Take a look at...

​Financial Planning 

Let our investment advisors guide you on the right path to your financial success. 

​Mutual Funds, Stocks and Bonds 

Diversify your investments like an expert with a FirstOntario investment advisor.


Get a competitive rate of return with no risk.

Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.