- Do not have available TFSA contribution room
- Want to be able to make contributions that can be tax deductible - if so, consider a Registered Retirement Savings Plan
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Trending searchesWhat is a TFSA?
A TFSA is an all-purpose savings account that offers the flexibility to save for many goals in one account. Your savings grow over time tax-free, and you can withdraw your money whenever you need it.
Benefits of a TFSA
Any investment income earned within the TFSA is tax free.
Withdrawals can be made from a TFSA tax free anytime.1
TFSAs do not affect your eligibility for federal government benefits.
Unused TFSA contribution room can be carried forward to later years, as long as you maintain Canadian residency.
Make the most of your TFSA
Your award-winning TFSA account
Best TFSA 2026 awarded by Moneygenius.ca°
How would you like to open your TFSA?
Explore different ways to open and manage your TFSA.
TFSA Calculator
Use our tax-free savings account (TFSA) calculator3
Whether it’s for short or long-term savings, discover the power of tax-free growth with a TFSA.
TFSA contribution amounts
| Year | Amount |
|---|---|
| 2026 | $7,000 |
| 2025 | $7,000 |
| 2024 | $7,000 |
| 2023 | $6,500 |
| 2022 | $6,000 |
| 2021 | $6,000 |
2009 — 2020 TFSA Contribution amounts
| Year | Amount |
|---|---|
| 2020 | $6,000 |
| 2019 | $6,000 |
| 2018 | $5,500 |
| 2017 | $5,500 |
| 2016 | $5,500 |
| 2015 | $10,000 |
| 2014 | $5,500 |
| 2013 | $5,500 |
| 2012 | $5,000 |
| 2011 | $5,000 |
| 2010 | $5,000 |
| 2009 | $5,000 |
As a tax resident of Canada, if you were at least 18 years of age and have reached the age of majority in the province where you set up the account, you could contribute at least $7,000 up to $109,000, if you opened a TFSA in 2026. As a newcomer to Canada, your contribution room starts accruing the year you become a resident of Canada.
Refer to TFSA FAQs for additional information.
Explore investment products for your TFSA
Your TFSA can contain a variety of investments, such as cash, mutual funds, and GICs. We can help you build an investment portfolio that’s right for you.
Frequently asked questions
A Tax-Free Savings Account (TFSA) is an all-purpose savings account that offers the flexibility to save for many goals in one account. Your savings grow over time tax-free, and you can withdraw your money whenever you need it.
Your TFSA is a registered account that can hold a variety of savings and investment products within that account, such as cash, GICs, mutual funds, and even stocks and bonds.
Every year you gain contribution room in your TFSA. As of January 2025, you can contribute $7,000 annually in your TFSA, plus any unused contribution amount you may have accumulated.
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Minimum transfer required. Full terms and conditions can be found here
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The Scotiabank Savings Accelerator Account may be opened within the following registered investment accounts - TFSA, RRSP, RESP, RRIF and RDSP.
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Registered trademark of The Bank of Nova Scotia, used under license.
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Awarded by MoneyGenius on January 5th,2026 based on its independent “Genius Ratings” methodology. According to MoneyGenius, 337 personal finance products were analyzed across 54 categories; however, not all TFSA products available in Canada were reviewed. For additional information about this award visit https://moneygenius.ca/investing/tfsas. While Scotiabank maintains an affiliate marketing relationship with MoneyGenius, no payment was made for consideration in the award process or for use of the award badge. Product features and terms may have changed since the award was issued; for current information, please consult Scotiabank.com.
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Conditions apply. For full details, visit www.scotiaitrade.com/winter
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The amount you withdraw can be put back into your TFSA starting the following year without impacting your contribution room. Specific product restrictions may also apply. Annual contribution limits: $5,000 for 2009-2012; $5,500 for 2013-2014; $10,000 for 2015; $5,500 for 2016-2018; $6,000 for 2019 – 2022, $6,500 for 2023 and $7,000 for 2024-2025.
For complete information on your contribution room, please visit the Canada Revenue Agency website.
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If you over-contribute to your TFSA, then the excess amount will be taxed at 1% for every month it’s in your TFSA.
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Enter up to $102,000 which is the maximum contribution limit in the year 2025 if you have never contributed before.