Sign In
Sign In
Tax-Free Savings Account (TFSA)
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 2022, 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. *
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 |
| 2021 | $6,000 |
$75,500 |
| 2022 | $6,000 | $81,500 |
As a tax resident of Canada, if you are 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 up to $81,500 if you opened a TFSA in 2022.
Refer to TFSA FAQs for additional information.
The Investment Companion Booklet includes important information about our products, services, and fees.
Building your TFSA
ScotiaFunds® 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 registered2 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.
Build a plan for your future with Scotiabank
Get personalized advice from our team of advisors and investment specialists across Canada.
Connect with us in a way that’s convenient for you. Scotia advisors are available in every branch to help you understand, plan, and execute the right financial plan.
Monitor your investments digitally with online and mobile banking. Our digital banking guides show you how to take care of your banking using your mobile phone, tablet, or computer.
Open a TFSA
Start growing your money tax free with our TFSA options.
Online appointment booking
A quick, easy, and secure way to connect with a Scotiabank advisor matched to your needs.
Have a question?
We’re ready to give you advice.
*
If you over-contribute to your TFSA, then the excess amount will be taxed at 1% for every month it’s in your TFSA.
1
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. For information on your annual contribution limit, please visit the Canada Revenue Agency website. To open an account, you must be at least 18 years of age and have reached the age of majority in the province where you set up the account.
2
The Scotiabank Savings Accelerator Account may be opened within the following registered investment accounts - TFSA, RRSP, RESP, RRIF and RDSP