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Tax Free Savings Account

TFSA - so much more than a savings account

Your savings grow tax-free and can hold various investment types, making TFSAs a great option to help you reach all of your savings and investing goals.

Choose from a selection of savings and investment products for your TFSA contributions, including savings accounts like our Enriched Savings Account, GICs, and other investments like mutual funds.

How a TFSA works

  • Canadians aged 18 and older can save $7,000 in a TFSA in 2024.
  • The total cumulative contribution room allowed effective January 2024 is $95,000.
  • Contributions to a TFSA aren't tax-deductible but investment income earned within a TFSA, including interest, dividends or capital gains, is not taxed, even when withdrawn.
  • Unused contribution room can be carried forward.
  • Funds can be withdrawn at any time and can be put back later without reducing your contribution room.
  • Income earned in a TFSA and withdrawals do not affect your eligibility for federal income-tested benefits and credits (e.g. Guaranteed Income Supplement, Canadian Child Tax Benefit).
  • Contributions to a spouse's TFSA are allowed and TFSA assets can be transferred to a spouse upon death.

TFSA contribution limits

  
2024 $7,000
2023 $6,500
2022 $6,000
2021 $6,000
2020 $6,000
2019 $6,000
2018 $5,500
2017 $5,500
2016 $5,500
2015 $10,000
2014 $5,500
2013 $5,500
2012 $5,000
2011 $5,000
2010 $5,000
2009 $5,000
Total $95,000

How to make the most of your TFSA

Make sure you have the right investments

Make sure the investments you hold in a TFSA align with your risk tolerance and investment horizon. Saving for retirement? Stocks, ETFs (Exchange Traded Funds) and mutual funds are great choices.

Max out contributions

Know your limits and invest within them. Pay attention to the limits and keep track of how much you invest each year.

Save early and often

The key to growing your TFSA is to take advantage of it as soon as possible. The earlier you start contributing to your TFSA, the more time your money has to grow tax-free.

For easy savings, set up a PAC (pre-authorized contribution).

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Wealth Specialists

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Other Investment Options

TFSA vs RRSP

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