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Tax-Free Savings Account (TFSA)
Grow your money tax-free and take it out whenever you want without penalty.1
Learn more.
Bonus up to $3,750. Min transfer required. Conditions apply.*
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.
Benefits of a TFSA
Any investment income earned within the TFSA is tax free.
Withdrawals can be made from a TFSA tax free anytime.1
TFSAs do not affect your eligibility for federal government benefits.
Unused TFSA contribution room can be carried forward to later years, as long as you maintain Canadian residency.
Make the most of your TFSA
Why 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 emergency savings.
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 2025, you can contribute $7,000 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
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 annual contribution room that is not based on your earned income
- 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
Use our tax-free savings account (TFSA) calculator3
Whether it’s for short or long-term savings, discover the power of tax-free growth with a TFSA.
TFSA contribution amounts
| Year | Amount |
| 2025 | $7,000 |
| 2024 | $7,000 |
| 2023 | $6,500 |
| 2022 | $6,000 |
| 2021 | $6,000 |
As a tax resident of Canada, if you were 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 at least $7,000 up to $102,000, if you opened a TFSA in 2025. As a newcomer to Canada, your contribution room starts accruing the year you become a resident of Canada.
Refer to TFSA FAQs for additional information.
The Investment Companion Booklet includes important information about our products, services, and fees.
Scotiabank - INVESTMENT COMPANION BOOKLET
Effective December 1, 2024 | pdf : 635
KB
Building your TFSA
Guaranteed Investment Certificates (GICs)
A worry-free investment product that keeps your principal investment safe and has a guaranteed rate of return.
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 registered§ and non-registered plans.
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.
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.
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. Annual contribution limits: $5,000 for 2009-2012; $5,500 for 2013-2014; $10,000 for 2015; $5,500 for 2016-2018; $6,000 for 2019 – 2022, $6,500 for 2023 and $7,000 for 2024-2025.
For complete information on your contribution room, please visit the Canada Revenue Agency website.