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

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 2023, you can contribute $6,500 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. *

See more taxation FAQs TFSA FAQs

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

Year Amount Total
2023 $6,500 $88,000
2022 $6,000 $81,500
2021 $6,000
2020 $6,000

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 $88,000 if you opened a TFSA in 2023.

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 up to 4.05% interest until August 31, 2023 on eligible new deposits in your TFSA with the Savings Accelerator Account.

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. 

scotiabank branch

Online appointment booking

A quick, easy, and secure way to connect with a Scotiabank advisor matched to your needs.

scotiabank advisor

Have a question?

We’re ready to give you advice.