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You are here: Home > Personal > Savings and investment > Tax-sheltered plans > Tax-Free Savings Account (TFSA)

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Tax-Free Savings Account (TFSA)

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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 federal benefits or credits

How contributions work

  • Any Canadian resident age 18 or older with a social insurance number can contribute to a TFSA.
  • Annual contribution limits (cumulative):
    • 2009 to 2012: $5,000/year
    • 2013 to 2014: $5,500/year
    • 2015: $10,000
    • 2016: $5,500
    • 2017: $5,500
  • If you’ve never invested in a TFSA before, you would have $46,500 in contribution room in 2016, and $52,000 in 2017.
  • 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. website.

Setting up regular TFSA contributions

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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