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 time1, for any purpose

You'll be surprised at how quickly your tax-free savings can add up!2

  • 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 province3 and have a Social Insurance Number (SIN)
  • Effective January 20134, the maximum annual contribution to a TFSA is $5,500
  • No minimum balance, no fees5

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)

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 age3
  • No need to collapse the TFSA at a set 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:


Options to grow your TFSA even faster:

Tools It's easy to achieve your goals.

Scotia TFSA Calculator

Calculate your savings today.

Use this tool

Money Finder Calculator

Look at your cash flow and find ways of saving .

Use this tool

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!