Tax Free Savings Account (TFSA)

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.

Right for you if:

  1. You want to grow your investments tax free.
  2. You want flexibility to withdraw your savings1, tax free, at any time.

Your TFSA can hold everything including:

Savings accounts

Mutual funds


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 2020, you can contribute $6,000 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
    2018 $5,500
    2019 $6,000 $63,500
    2020 $6,000

    If you were 18 or older* in 2009, have been a tax resident of Canada and opened a TFSA in 2020, you could contribute up to $69,500.

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    TFSA Declaration of Trust

    TFSA’s in Estate Planning

    Learn More (Infographic)

    Frequently asked questions

    View transfer fees and other account information

    Investment Companion Booklet

    (PDF: 791 kb)

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