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A TFSA is the perfect way to reach your savings goals faster. FirstOntario offers a full range of TFSA investment options including our popular Tax-Free Investment Savings Account.
A competitive high-interest savings account with convenient access in-branch or online.
A full range of short to long-term Guaranteed Investment Certificates (GICs) are TFSA-eligible.
Diversify your TFSA investments like an expert with direct access to our wealth advisors through FirstOntario Wealth Connect.
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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Our full range of short to long-term Guaranteed Investment Certificates (GICs) are TFSA-eligible.
A TFSA is a registered, flexible investment savings option that lets you earn tax-free investment returns. TFSAs were introduced by the federal government in 2009.
Need help choosing the right TFSA investment option for you? Connect with our Member Service Centre.
Canadian residents aged 18 and older with a Social Insurance Number can open a TFSA. There is no maximum age limit. In the year an eligible individual turns 18, they can contribute up to the full TFSA dollar limit for that year.
There are no restrictions. TFSA savings can be used any time for a variety of purposes like a down payment on a home, a new car, wedding, home renovations, retirement, vacation or starting a small business.
Investment options at FirstOntario are similar to what’s available for RRSPs including a savings account, GICs, mutual funds, stocks, and bonds. You can also arrange automatic contributions to help your tax-free savings grow.
FirstOntario's Wealth Connect can make sure you get great advice to help you with your strategy.
The annual dollar limit is determined by the federal government and indexed to inflation:
If you were 18 or older in 2009 (when TFSAs were introduced), your TFSA contribution room has grown each year even if you did not file an income tax return or open a TFSA. If you turned 18 after 2009, your TFSA contribution room started in the year you turned 18 and your TFSA contribution room has accumulated every year since.
You can have more than one TFSA at any given time, but the total amount you contribute to your TFSAs cannot be more than your available TFSA contribution room for that year. It is your responsibility to know how much contribution room you have available.
Similar to an RRSP, a penalty will be assessed by the Canada Revenue Agency of 1% per month on your excess contribution.
The Canada Revenue Agency will determine the TFSA contribution room for each eligible individual based on information provided by you and your TFSA issuers. Your TFSA contribution room will be indicated on your personal income tax Notice of Assessment or reassessment.
For more information about TFSAs, visit the Canada Revenue Agency (CRA) website.
How much can you contribute?
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.
For more information about contribution limits, visit the Canada Revenue Agency (CRA) website.
A TFSA is the perfect way to reach your savings goals faster. Let’s get started!
Let our investment advisors guide you on the right path to your financial success.
Diversify your investments like an expert with a FirstOntario investment advisor.