Now you can save for your future tax-free
A Tax-Free Savings Account (TFSA) will help you save for any short or long-term goal, from automobiles to vacations to home renovations.
The benefits of a TFSA
Grow your money – Save up to $7,000 a year out of after-tax income and pay no further taxes on the investment returns on those funds.
No age limit – Unlike RRSPs, there is no age limit for contributing to a TFSA.
Choose your short or long-term goals – TFSA withdrawals are not added to annual income and don’t have to be repaid.
Couldn't contribute this year? – Unused contribution room can be carried forward to future years indefinitely. As of 2024, the total contribution room is $95,000.
Withdraw whenever you choose – Any withdrawal frees up contribution room, offering full flexibility to re-contribute the same amount in future years.
Hold a number of investments – Qualified investment such as term deposits, registered savings accounts and mutual funds can be held in your TFSA.
Indexed to inflation and rounded to the nearest $500, the contribution limit for the TFSA is $7,000 as of January 1, 2024.
Source: Canada Revenue Agency
Put the power of investing to work for you
Compare the TFSA and RRSP.
Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA).
Learn more about deposit protection.
Have questions?
Whether you're saving for your home, education or retirement, we can answer all of your questions and help you achieve your goals faster.
How much will I save?
Use our TFSA Calculator to estimate your potential savings when investing in a Tax-Free Savings Account and plan ahead for your short and long-term goals.
