Benefits of a TFSA:
- Investments grow tax-free
- Flexible access to funds
- No need to have earned income to contribute to a TFSA
- Full amounts of withdrawals may be recontributed in future years
- Ability to contribute to a spouse's TFSA without affecting your own contribution room
- TFSA funds can be used for any goal (i.e. not just for retirement or education)
- Effective January 2016, the maximum annual contribution to a TFSA is $5,500
- Unused contribution room is carried forward indefinitely
- Contribution room accumulates from the day you reach 18 years of age3
- No need to collapse the TFSA at a set age
Have more questions about TFSAs?
View our TFSA FAQ For transfer fees and other account information,
download our Investment Companion Booklet (791 kb).
A TFSA can hold a variety of investment products all in one account, such as:
Options to grow your TFSA even faster: