You want to grow your investments tax free.
You want flexibility to withdraw your savings1, tax free, at any time.
A Tax Free Savings Account (TFSA) is a registered account in which the income you earn is completely tax-free. You don’t even pay tax when you withdraw funds.
Every year you gain contribution room in your Tax Free Savings Account. As of January 2017, you can contribute $5,500 annually in your TFSA, plus any unused contribution amount you may have accumulated. However, it’s important to make sure you don’t over contribute†.
If you were 18 or older* in 2009, have been a tax resident of Canada and opened a TFSA in 2017, you could contribute up to $52,000.
Calculate your savings today.
Check out where your money goes.
† If you over-contribute to your TFSA, then the extra amount will be taxed at 1% for every month it’s in your TFSA.
* Contribution room begins accumulating from the day you turn the age of majority in your province/territory of residence.
1 Specific product restrictions may apply.