Tax-Free Savings Account (TFSA)

Save up for whatever you want with a TFSA

TFSAs at a glance

  • Help you grow your savings tax-free—you won’t pay any tax on your investment income or your withdrawals
  • Let you withdraw your money whenever you want, penalty-free, depending on what type of investment you have
  • Have no impact on your eligibility for income-tested gouvernmental benefits or credits

How contributions work

Contribution room accumulates for each year that one is at least 18 years old and resides in Canada.

Year Annual contribution Total
2009 to 2012 $5,000 $20,000
2013 to 2014 $5,500 $11,000
2015 $10,000 $10,000
2016 to 2018 $5,500 $16,500
2019 $6,000 $6,000

If you’ve never invested in a TFSA since 2009, you would have $63,500 in contribution room in 2019.

Any money you withdraw will be added to your contribution room for the following year.

Find out more about TFSAs and your annual contribution limits on the Canada Revenue Agency’s - External link. This link will open in a new window..

Setting up regular TFSA contributions with automatic transfers

This is a great way to save and easy to fit into your budget. You can choose how much and how often you want to contribute: weekly, biweekly, monthly, etc. Your contributions will be automatically deducted from your bank account and invested in your chosen TFSA.

Learn more about setting up regular TFSA contributions


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Added on September 21, 2015

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The TFSA is undoubtedly one of the best tax shelters and it's becoming increasingly popular with Canadians every year.

Do you want to lower your tax bill?

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Whether it's to defer taxes or to grow your investments tax free, creating a financial plan with your advisor is a smart decision.