Tax-Free Savings Account (TFSA)
Worrying about your finances shouldn’t keep you up at night. Grow your money tax-free and take it out whenever you want without penalty.1
- Earn up to $350 in value on an eligible TFSA & RRSP.‡
Open an eligible TFSA & RRSP in a few steps and earn up to $350 in value.‡
Plus, earn up to 4.05% interest until April 30, 2023 on new deposits in your eligible RRSP or TFSA with the Savings Accelerator Account.†
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. *
Is this Registered Plan right for you?
Right for you if you:
- Have reached the age of majority in the province where the account is set up
- Need an all-purpose solution that offers the flexibility to save for many goals in one account
- Expect to have room to contribute based within the limit set out by the Canadian Government
- Want your savings to grow over time tax-free with ability to withdraw your money whenever you need it
May not be right for you if you:
- 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
TFSA contribution amounts
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.
Guaranteed Investment Certificates (GICs)
Earn 5% on an eligible 2-year GIC.♢
A worry-free investment product that keeps your principal investment safe and has a guaranteed rate of return.
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The Scotiabank Investment Plan Welcome Offer (the “Offer”) is available between November 1, 2022 and January 31, 2023 (the “Offer Period”) to individuals who open an eligible Scotia Registered Account during the Offer Period (each an “Eligible Investment Plan”) and complete certain qualifying activities.
For the purposes of this Offer, the following Scotia Registered Accounts are eligible for the Offer: Scotia Registered Retirement Savings Plans (RRSPs, excluding Locked-In Plans such as LIRAs and LRSPs) (each an “Eligible RRSP”) or Scotia Tax-Free Savings Accounts (each an “Eligible TFSA”). Scotia RRIFs, RESPs, RDSPs, and non-registered Scotia Investment Accounts are not eligible for the Offer. In order to qualify for either a Cash Bonus or Points Bonus (both defined below), the individual cannot have held the same type of Eligible Investment Plan with either The Bank of Nova Scotia or Scotia Securities Inc. (together, “Scotiabank”) in the 6 months preceding the Offer Period.
To qualify for a cash bonus (the “Cash Bonus”):
1. Open one or more new Eligible Investment Plan(s) during the Offer Period;
2. March 1, 2023, contribute or transfer-in a Minimum Qualifying Investment Amount (as defined below) into your new Eligible Investment Plan(s) and maintain that Minimum Qualifying Investment Amount until May 31, 2023 to qualify for either a $150 Cash Bonus or a $300 Cash Bonus:
|Minimum Qualifying Investment Amount*||Eligible Plan(s)||Qualifying Cash Bonus|
|$3,000 combined across any of your new Eligible Investment Plan(s)||Either an Eligible RRSP or Eligible TFSA||$150|
|$3,000 into both a new Eligible RRSP and TFSA (for a total minimum of $6000 combined)||Both an Eligible RRSP and Eligible TFSA||$300|
* For purposes of calculating the Minimum Qualifying Investment Amount, the book value of the contributions and/or transfers-in will be used to determine eligibility.
3. By March 1, 2023, set up a recurring pre-authorized contribution (PAC) from any Scotiabank personal bank account of at least $50 total per month in any of your Eligible Investment Plan(s), which must have recurred for a minimum of 3 consecutive months by May 31, 2023.
To qualify for an additional 5000 Scene+™ Points bonus (the “Points Bonus”):
4. Complete steps 1 – 3 above for the Cash Bonus and by or on May 31, 2023, hold a Scotiabank debit or credit card that earns Scene+ Rewards (click here for eligible products) and is in good standing.
For full terms and conditions, see Winter Investments Campaign Offer Terms and Conditions
The Promotional Interest Rate Offer (the “Offer”) applies to New Deposits (defined below) made into an eligible Scotiabank Savings Accelerator Account (“SSAA”) between November 10, 2022 and April 30, 2023 (the “Offer Period”). Eligible SSAAs include only those held within a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA). SSAAs held within a RRIF, LIF, Registered Locked-In RSP, RESP, RDSP or any other registered plan or non-registered plan are not eligible for this Offer.
During the Offer Period, a promotional interest rate of 3.25% (the “Promotional Interest Rate”) will be earned only on that portion of the SSAA Daily Balance that is greater than the SSAA Daily Balance as of November 9, 2022 (“New Deposits”). The “SSAA Daily Balance” means, with respect to any particular day, the closing balance in the eligible SSAA. In addition, New Deposits will continue to earn interest at the posted annual interest rate for the SSAA (click here for current rates).
The Promotional Interest Rate will cease to apply as of May 1, 2023. Promotional interest earned during the Offer Period will be calculated daily and paid monthly. All interest rates described herein are annual rates.
SSAAs must be open and in good standing in order to receive any interest calculated at the Promotional Interest Rate. For purposes of this Offer, a SSAA is not in 'good standing' if it has a negative balance or the account holder is in breach of the account agreement with Scotiabank.
It is the SSAA account holder’s responsibility to determine his or her maximum allowable annual contributions in SSAAs held in registered plans.
All other terms and conditions of the SSAA continue to apply, refer to www.scotiabank.com/ca/en/personal/bank-accounts/savings-accounts/savings-accelerator-account.html for details, including calculation of interest.
This Offer, including the Promotional Interest Rate, may be changed, cancelled or extended at any time, in whole or in part, without notice.