Tax Free Savings Account (TFSA)

A great way to grow your savings

Earn investment income that’s totally tax free

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Right for you if:

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.

Your TFSA can hold everything including:

Savings accounts

Mutual funds

GICs

and more.

Why a TFSA is a great way to save

  • Use it to save for retirement, a car, vacation, wedding, school – anything you want.
  • Withdraw funds at any time.1 You can put that amount back into your TFSA the next year, without affecting your contribution room.
  • If you don’t use up all your contribution room, the unused amount is carried forward year after year*.
  • Withdrawals aren’t counted as “income” so the money doesn’t affect government benefits, pensions or disability amounts.
  • No need to collapse the TFSA at a set age.

Contribution limits

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.

Who can contribute?

  • If you’ve reached the age of majority in your province, have a social insurance number and are a tax resident of Canada, you can open a TFSA and make a contribution.
  • You can also contribute to your spouse's or partner’s TFSA without affecting your contribution room.

TFSA contribution amounts

Year Amount Total
2009 $5,000 $5,000
2010 $5,000 $10,000
2011 $5,000 $15,000
2012 $5,000 $20,000
2013 $5,500 $25,500
2014 $5,500 $31,000
2015 $10,000 $41,000
2016 $5,500 $46,500
2017 $5,500 $52,000

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.

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Frequently asked questions

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