Tax Free Savings Account (TFSA)

Right for you if:

  • You want to earn tax-free income
  • You want flexibility to withdraw your savings, tax free, at any time2, for any purpose

You'll be surprised at how quickly your tax-free savings can add up!3

  • A Tax Free Savings Account (TFSA) is a registered plan that allows your investments
    and savings to grow tax-free throughout your lifetime.

  • TFSAs are available to Canadian residents who have reached the age of majority in their province and have a Social Insurance Number (SIN).

  • Effective January 20132, the maximum annual contribution to a TFSA is $5,500.

Benefits of a TFSA:

  • Investments grow tax-free
  • Flexible access to funds
  • Full amounts of withdrawals may be recontributed in future years
  • Ability to contribute to a spouse's TFSA without affecting your own contribution room

Important information:

  • $5,000 was the contribution limit for each calendar year from 2009 to 2012
  • Unused contribution room is carried forward indefinitely
  • Contribution room accumulates from the day you reach 18 years of age*

Have more questions about TFSAs?

View our TFSA FAQ

A TFSA can hold a variety of investment products all in one account, such as:

With our Bank The Rest program, you can spend and save just by using your Scotiacard® debit card!

Tools It's easy to achieve your goals.

Scotia TFSA Calculator

Calculate your savings today.

Use this tool

Documents

Download Adobe Acrobat Reader to read the forms.

  • TFSA Declaration of Trust
    PDF: 49 kb
    Download
  • Government TFSA Brochure
    External Resource
    Details
Videos See our latest demos and videos.
Get to know your TFSA 2:25 min | Transcript
Everything you wanted to know about a TFSA but were too afraid to ask.
Scotia TFSA Information Centre | Transcript
Now there are more ways than ever to earn money back on everyday things. Start Video
Difference between TFSA & RRSP (Demo) | Transcript
Want to learn the difference between TFSA & RRSP? Start Demo
Have Taxable Investments? (Demo)
Tax-Free Savings Account Information Centre Start Demo
Are you Retired? (Demo)
Tax-Free Savings Account Information Centre Start Demo
Starting a savings Plan? (Demo)
Tax-Free Savings Account Information Centre Start Demo

Convenient Ways to
Open Your TFSA Today!

  • 1 The 2.00% annual interest rate will be applied from December 3, 2012 to March 31, 2013 to the excess of the daily balance in the Investment Cash portion of a Canadian dollar RRSP over the closing balance in that account on December 2, 2012. For amounts not eligible for this offer, an interest rate of 0.15% will apply on Canadian dollar cash balances less than $5,000 and 0.25% on Canadian dollar cash balances $5,000 or greater. Other conditions apply. Visit your branch for the full Terms and Conditions of this offer. Interest will be calculated daily and paid monthly. All rates are subject to change without notice. Read more
  • 2 Some conditions may apply. From 2009 to 2012 annual maximum contribution limit was $5,000 per year.
  • 3 Deposit money in a lump sum or set up regular preauthorized contributions.
  • * Some provinces' age of majority is 19, and a plan may not be opened until then.
  • ®Registered trademarks of The Bank of Nova Scotia. The Scotiabank Group includes The Bank of Nova Scotia, The Bank of Nova Scotia Trust Company, Scotia Asset Management L.P., Scotia Asset Management U.S. Inc., ScotiaMcLeod Financial Services Inc., Scotia Securities Inc., and Scotia Capital Inc. ScotiaMcLeod is a division of Scotia Capital Inc., a member Canadian Investor Protection Fund.