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​​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.

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Enjoy freedom

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

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Tax-free

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

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Withdrawals carry over

Withdrawals increase your contribution limit the following year.

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Access your money any time

Withdraw money any time (subject to investment restrictions).

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Contribute to your future

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

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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
2009-2012$5,000
2013-2014$5,500
2015$10,000
2016$5,500
2017$5,500
2018$5,500
2019

$6,000

2020

$6,000

2021

$6,000

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

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TFSA Calculator

Get the most from your savings – tax free.

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

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