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Tax-Free Savings Account (TFSA)

RRSP and TFSA comparison Find out how much you'll end up saving with automatic transfers Saving is simple. My action plan in 60 seconds.

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

Videos

The TFSA : one of the best tax shelters

Added on September 21, 2015

The TFSA : one of the best tax shelters (1 min 50 s)

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?

Added on April 1, 2015

Do you want to lower your tax bill? (1 min 35 s)

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

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