Tax-Free Savings Accounts (TFSAs)

The Tax-Free Savings Account (TFSA) was introduced in 2009 as a way for individuals to save and grow their savings tax-free. Investment income earned in this account is tax-free, which may help you reach your financial goals more quickly. The following are highlights of the TFSA:

  • Any income (including capital gains) earned in a TFSA is exempt from tax. 
  • Contributions to a TFSA are not tax-deductible.
  • Any withdrawal is tax-free & is added to an individual’s contribution room in the following year.
  • Individuals can carry forward any unused contribution room indefinitely.

Annual TFSA contribution limits ($88,000 total)

Tax-Free Savings Account Guides

Tax-Free Savings Account (TFSA)
 

A TFSA is a powerful registered investment account which you can use to invest and save for any big-ticket item or goal – tax free.

Learn More

 

Estate planning for your TFSA
 

Discover the advantages and disadvantages of naming one or more beneficiaries of your TFSA and the tax implications for this type of plan at death.

Learn More

TFSA Calculator
 

Use this calculator to understand how much more you could save in a TFSA compared to a regular savings account where earnings are taxable.

Learn More