Choose your settings
Choose your language

Tax-free savings account (TFSA)

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

Current promotions

Promotional rate

Term S@vings

4.25% for a 40-month term 1

For a limited time, invest your contributions in a term s@vings and get a promotional rate. 1 This offer may change or end at any time without notice.

What is a TFSA?

A TFSA is a registered savings account with numerous benefits. Your money is there when you need it 2 and withdrawals aren't taxed. It's perfect for growing your savings tax-free to reach your goals or set up an emergency fund.

TFSA benefits

Invest tax-free

Your TFSA contributions and the generated earnings in your account are not taxable.

Withdraw money at any time

Your TFSA withdrawals are tax-free and don't affect your government benefits and credits. Withdrawn amounts are added back to your contribution room for the following year. 3

Build an emergency fund

Set up automatic transfers to your TFSA to take the work out of saving. Aim to set aside 3 to 6 months' worth of your net pay to cover unexpected expenses.

Top up your retirement savings

You can keep your TFSA open into retirement and continue growing your money. Since your withdrawals aren't taxed and have no impact on your government benefits, a TFSA is a good source of additional retirement income.

How a TFSA works

TFSA eligibility

You must be 18 or older and have a Social Insurance Number (SIN) to open a TFSA. Unlike an RRSP, there is no age limit to make TFSA contributions.

2024 TFSA contri­bution limit

The 2024 TFSA contribution limit is $7,000, plus withdrawals you made in 2023 and your unused contribution room from previous years. 4

Accumu­lating contri­­bution room

Your contribution room begins accumulating each year from when you turn 18.

So if you've always lived in Canada, have never contributed to a TFSA and were 18 or over in 2009, your cumulative contribution room is $95,000. 

TFSA yearly contribution room

  • 2009 to 2012: $5,000
  • 2013 and 2014: $5,500
  • 2015: $10,000
  • 2016 to 2018: $5,500
  • 2019 to 2022: $6,000
  • 2023: $6,500
  • 2024: $7,000

You never lose contribution room. If you withdraw money from your TFSA one year, that amount is added to your contribution room for the following year. For example, say you have $25,000 in your TFSA and take out $10,000 for renovations. You can then contribute this $10,000 the following year, plus the annual dollar limit for that year.

Calculate your TFSA contri­butions

Have a project in mind or want to build a safety net? Use our calculator to determine how much to put in your TFSA to reach your goals.

How to contribute to the TFSA

1. Open the TFSA online

Log in to AccèsD to open your TFSA and start contributing.

Not a Desjardins member or prefer some help with your investment plan?


2. Choose your invest­ments

Choose the right investments for you according to your savings goals and investor profile.


3. Start contri­buting

Contribute to your TFSA now or set up automatic transfers to take the work out of saving.

Permitted investments for a TFSA

Find out which types of investments you can hold in your TFSA.

Desjardins Funds

Invest in innovative and competitive fund portfolios tailored to your profile. 5

Learn more about Desjardins Funds.

TFSA – Savings Account

Grow your money with no fees and keep it accessible for short- and medium-term projects.

Learn more about TFSA – Savings Accounts.

Guaranteed fixed-rate investments (term savings)

Enjoy a known return on your investment from day one. Both your capital and interest are guaranteed.

Promotional rate
Learn more about Guaranteed fixed-rate investments (term savings).

Market-linked guaranteed investments

Harness the growth potential of stocks without risking your capital.

Learn more about Market-linked guaranteed investments.

Guaranteed Investment Funds Helios2 Contract 

Earn interest while protecting your estate and your savings. 6

Learn more about Guaranteed Investment Funds Helios2 Contract.

Switch to online brokerage

Want to explore online brokerage to invest on your own? Whatever your level of investment knowledge, we offer everything you need to make informed decisions and invest with confidence: 

  • No-fee online transactions for stocks and exchange-traded funds (ETFs)
  • State-of-the-art trading platforms
  • Comprehensive training
  • Powerful analysis tools

Respon­sible invest­ment pays off

Commit to a sustainable and equitable economy by investing in businesses that value the environment, the community and diversity. With our socially responsible investments, you benefit from good potential returns while taking action for the future.

RRSP or TFSA: Which one to choose?

Explore the benefits of these 2 plans and find out which one best meets your needs.

FAQ

How much can I put in my TFSA in 2024?

The 2024 TFSA dollar limit is $7,000, plus withdrawals you made in 2023 and your unused contribution room from previous years. 4 You can see your TFSA contribution amounts and withdrawals on the My Account External link. portal on the Canada Revenue Agency (CRA) website.

Is there a penalty if I go over the maximum contribution for my TFSA?

Any excess contributions are subject to a 1% tax per month or 12% per year. This penalty applies as soon as you go over your contribution room and continues for every month the excess amount stays in your TFSA. The penalty tax stops when you withdraw the excess amount.

Can I use my TFSA to buy a home?

Yes. Since TFSA investment income and withdrawals are tax-free, a TFSA maximizes your savings to buy a home.

If you're buying a first home, the following 2 options may be more suitable for your down payment: 

Contribute to your TFSA

Online

Open your TFSA on AccèsD and start contributing today.

By phone

Montreal area:

514-224-7737 Phone number of customer service for the Montreal area. This link opens your phone app. (514-CAISSES)

Elsewhere in Canada:

1-800-224-7737 Phone number of customer service for Canada. This link opens your phone app. (1-800-CAISSES)

We can also call you when it's convenient.

With an advisor

Book an appointment on AccèsD if you're a member, and meet with an advisor online, in person or over the phone.

Other tax-sheltered savings options

RRSP

A registered retirement savings plan (RRSP) lets you reduce your taxable income so you pay less tax.
Learn more about RRSP

FHSA

A first home savings account (FHSA) lets you save tax-free for a down payment.
Learn more about FHSA

RESP

A registered education savings plan (RESP) lets you save tax-free for a child's post-secondary education.
Learn more about RESP
Rate subject to change without notice. This promotional offer is valid only for non-redeemable online term s@vings products. This offer may change or end at any time without notice. Other conditions apply. The type of investments held in your TFSA determine how easily you can access your money. 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. Any excess contributions are penalized at the rate of 1% a month. 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. DFS Guaranteed Investment Funds are established by Desjardins Financial Security Life Assurance Company. Helios2 and DFS Guaranteed Investment Funds are registered trademarks of Desjardins Financial Security Life Assurance Company. The Desjardins brand is a trademark owned by the Fédération des caisses Desjardins du Québec, used under licence.