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Tax-Free Savings Accounts (TFSAs)
Grow your money tax-free and take it out whenever you want without penalty. 1
Why invest your money in a TFSA
A TFSA is a flexible way to grow your money. You can use it to save for your short and long-terms goals, such as retirement, a car, vacation, wedding, buying a home, or going to school.
What 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.
How do you invest inside a TFSA?
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.
What about contribution limits?
Every year you gain contribution room in your TFSA. 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. 2
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 |
$57,500 |
| 2019 | $6,000 | $63,500 |
| 2020 | $6,000 |
$69,500 |
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.
Building your TFSA
Scotia Portfolio Solutions
Our Portfolio Solutions offer a diversified mix of mutual funds in the convenience of single investment to help you grow your savings while carefully managing risk. Whether you are seeking regular income or long-term growth, there’s a portfolio solution designed to help you achieve your goals.
Mutual Funds
Mutual funds deliver instant diversification and professional money management in a cost-effective and convenient solution.
Savings Accelerator Account
Earn a competitive interest rate on your money as it grows, with no monthly account fee. Available in registered3 and non-registered plans.
Guaranteed Investment Certificates (GICs)
A worry-free investment product that keeps your principal investment safe and has a guaranteed rate of return.
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