Tax-Free Savings Account (TFSA)

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.

TFSA Rates

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?

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 Calculator