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. With a TFSA, millions of Canadians are now able to manage their savings in a tax-efficient way.
Insurable deposits in registered accounts have unlimited deposit insurance coverage.
The benefits of a TFSA
Grow your money – Save up to $6,000 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.
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.
Put the power of investing to work for you
Compare the TFSA and RRSP.