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

Pre-TFSA promotion

Until December 28, 2023, invest your future 2024 TFSA contribution in an online Term S@vings account and get a promotional rate of 5.15% note.

At maturity on January 4, 2024 note, the accumulated capital will be automatically transferred as a contribution to your TFSA savings account.

Get this offer - This link will open in a new window.

Advantages of a TFSA

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 Withdrawn amounts are added back to your contribution room for the next calendar year.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 2023 TFSA contribution limit is $6,500, plus the amount of withdrawals you made in 2022 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 $88,000 for 2023.

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:

Elsewhere in Canada:

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With automatic transfers, your contributions are withdrawn directly from your account.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

RRSP and TFSA investments

  • Promotional rate

     TFSA savings account

    You can use this account to save money for your projects. Your money grows and it's still there anytime you need it.

    Learn more about TFSA savings account
  • Guaranteed fixed-rate investments (term savings or GICs)

    With term savings or Guaranteed investment certificates (GICs), your capital and interest are guaranteed. No matter how the markets perform, your returns are known from day one.

    Learn more about Guaranteed fixed-rate investments
  • Market-linked guaranteed investments

    With market-linked guaranteed investments, you protect your capital and enjoy good returns. Your capital is guaranteed, but the return depends on how markets perform.

    Learn more about Market-linked guaranteed investments
  • Desjardins Funds

    Mutual funds are one way to work towards your medium- and long-term goals. Your money is invested according to your profile and you benefit from professional management to help you maximize returns.[2] note

    Learn more about Desjardins Funds

Responsible investment (RI)

To commit to a sustainable and equitable economy, invest in businesses that value the environment, the community and diversity. With our socially responsible investments, you can benefit from attractive potential returns while taking action for the future.

Discover our RI offer

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.

RRSP or TFSA: Which one to choose?

See the benefits of these 2 products and find out which one best meets your needs.

Learn more

FAQ – Tax-free Savings Account (TFSA)

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

® BONUSDOLLARS is a registered trademark of Fédération des caisses Desjardins du Québec

  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.
  5. This promotional offer applies only to non-redeemable Term S@vings products available online on AccèsD. Rates are subject to change without notice. Some terms and conditions apply. The pre-TFSA promotion may end at any time.
  6. Upon maturity, the principal will be transferred to your Desjardins TFSA savings account and treated as a contribution for 2024, and the interest generated by your principal will be deposited in your non-registered Everyday Transaction Account and will be taxable. It's your responsibility to make sure that your contributions do not exceed your 2024 TFSA contribution room. A tax of 1% per month applies to excess contributions. To find out your TFSA contribution room, visit My Account at the Canada Revenue Agency (CRA) or use the MyCRA app. The unused TFSA contribution room provided by the CRA does not include contributions made during the current year. Your TFSA contribution room includes all TFSAs you hold, whether at Desjardins or another financial institution.