Tax-free savings account (TFSA)

Tax-free savings account (TFSA)

Grow your savings tax-free in an account that's easy to access

Contribute online  to a TFSA - This link will open in a new window.

What's a TFSA?

A TFSA or tax-free savings account is a flexible way to save with all the benefits of a registered plan. You can use it to put aside money free of tax for your goals throughout life, or to set up an emergency fund. Since TFSA withdrawals aren't taxable, more money stays in your pocket, and is there when you need it.

Reasons to open a TFSA

  • Achieve your goals
  • Prepare for unexpected expenses
  • Top up your retirement savings

Advantages

Tax-free investment income

Your TFSA contributions and the income generated are not taxable.

Tax-free withdrawals

You can withdraw funds from your TFSA without paying tax. Withdrawn amounts are added back to your contribution room for the next calendar year.

Cumulative contributions

If you don't reach your limit, your unused contribution room is carried forward to the next year.

No impact on government benefit eligibility

Since withdrawals aren't taxable, they don't affect government benefits and credits that are based on income.

Contribution limit

The amount that you can contribute to your TFSA is limited by your contribution room.

The 2022 TFSA contribution limit is $6,000, plus the amount of withdrawals you made in 2021 and your unused contribution room from previous years.

If you're a Canadian resident, have never contributed to a TFSA, and were 18 or over in 2009, your cumulative contribution room is $81,500 for 2022.

How to open a TFSA

Open an account

Log in to AccèsD to open a TFSA and start contributing. It's quick and easy!

Contribute online  - This link will open in a new window.

Or call us

Montreal area:
514-CAISSES

Elsewhere in Canada:
1-800-CAISSES

Choose your investments

Add investments to your TFSA and watch your money grow. Your advisor can help you select investments in line with your goals, investment horizon, risk tolerance and investor profile.

Set up automatic transfers

With automatic transfers, your contributions are withdrawn directly from your account. Save all year long by deciding how much you want to transfer and how often.

Learn more about automatic transfers

4 types of TFSA-eligible investments

Need help?

Speak to an advisor to pick the investments that are right for your profile and goals.

Avoid waiting on hold.
Have us call you when it's convenient.

How to put your TFSA to work

Set money aside for a rainy day

TFSAs are a great way to save even without a specific goal in mind. Plan to put 3 to 6 months' worth of net pay aside in an emergency fund so you're ready if anything comes up.

Keep saving after retirement

Unlike the RRSP, your TFSA has no age limit for contributing. You can keep it open once you retire and continue growing your money. Since withdrawals aren't taxed and have no impact on your government benefits, the TFSA is an excellent vehicle for additional retirement income.

Start saving now

Go to AccèsD to make a quick contribution and set up automatic transfers.

Contribute online - to a TFSA. This link will open in a new window.

FAQ – Tax-free Savings Account (TFSA)

See all questions about TFSAs - This link will open in a new window.

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  1. The type of investments held in your TFSA determine how easily you can access your money.
  2. Withdrawals of deliberate overcontributions, non-qualified investments and asset transfer transactions, and any income attributable thereto, do not create additional TFSA contribution room. Some of these types of income may be subject to a 100% taxation rate.
  3. Any excess contributions are penalized at the rate of 1% a month.
  4. Desjardins Funds are not guaranteed, their value fluctuates frequently, and their past performance is not indicative of their future returns. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Desjardins Funds are offered by registered dealers.