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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* with a new eligible TFSA and RRSP
Here's how it works:
Earn $150
- Open an eligible TFSA or RRSP.
- By February 29, 2024, make a minimum deposit of $3000 in either your new eligible RRSP or TFSA and maintain it until May 31, 2024.
- By February 29, 2024 set up a recurring pre-authorized contribution (PAC) of at least $50 per month in any of your eligible RRSP and TFSA for minimum of 3 consecutive months by May 31, 2024.
Earn $350
- Open an eligible TFSA and RRSP.
- By February 29, 2024, make a minimum deposit of $3000 in both your new eligible RRSP and TFSA (for a total minimum of $6000 combined) and maintain it until May 31, 2024.
- By February 29, 2024 set up a recurring pre-authorized contribution (PAC) of at least $50 per month in any of your eligible RRSP and TFSA for minimum of 3 consecutive months by May 31, 2024.
Start earning while you save now
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.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 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 |
$75,500 |
| 2020 | $6,000 |
$69,500 |
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 $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.
Scotiabank - INVESTMENT - COMPANION BOOKLET
June 2023 | pdf : 888
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.
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.
Mutual Funds
Mutual funds deliver instant diversification and professional money management in a cost-effective and convenient solution.
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?
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Winter Investment Campaign Offer Terms and Conditions
The Scotiabank Registered Account Welcome Offer (the “Offer”) is available between November 1, 2023 and February 29, 2024 (the “Offer Period”) to individuals who open an eligible Scotia Registered Retirement Savings Plan or Tax-Free Savings Account during the Offer Period (each an “Eligible Registered Account”) 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”) and Scotia Tax-Free Savings Accounts (each an “Eligible TFSA”). Scotia RRIFs, FHSAs, RESPs, RDSPs, and non-registered Scotia Investment Accounts are not eligible for the Offer. In order to qualify for a Cash Bonus (defined below) the individual cannot have held the same type of Eligible Registered Account (as that opened during the Offer Period) 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 Registered Account(s) during the Offer Period;
2. By February 29, 2024, contribute or transfer-in a Minimum Qualifying Investment Amount (as defined below) into your new Eligible Registered Account(s) and maintain that Minimum Qualifying Investment Amount until May 31, 2024 to qualify for either of the following Cash Bonuses:
| Minimum Qualifying Investment Amount* | Eligible Registered Account(s) | Cash Bonus |
|---|---|---|
| $3,000 into any one of your new Eligible Registered Account(s) | Either an Eligible RRSP or Eligible TFSA | $150 |
| $3,000 into both a new Eligible RRSP and a new Eligible TFSA (for a total minimum of $6,000 combined) | Both an Eligible RRSP and an Eligible TFSA | $350 |
*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 February 29, 2024 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 Registered Account(s), which must have recurred for a minimum of 3 consecutive months by May 31, 2024.
General Terms:
Customers are responsible to confirm their contribution limits noted on their most current Notice of Assessment issued by the Canada Revenue Agency prior to making any contribution to their Eligible Registered Account(s). Scotiabank is not responsible for any contribution over a customer’s limit in connection with this Offer. The Cash Bonus is not considered a contribution and therefore will not impact contribution limits.
As applicable, the Cash Bonus will be paid into your new Eligible Registered Account on or around July 31, 2024 provided all Offer conditions outlined above have been satisfied. Your Eligible Registered Account(s) must be open and in good standing at the time of the Cash Bonus payout. For purposes of this Offer, an Eligible Registered Account is not in 'good standing' if the account holder is in breach of the Eligible Registered Account’s client account agreements. If more than one Eligible Registered Account is opened and each qualifies for the Offer, the Cash Bonus will be paid into only one of the Eligible Registered Account(s) in the following order: (1) Eligible RRSP, then (2) Eligible TFSA. In the case where multiple Eligible Registered Accounts of the same type are opened (e.g., where multiple Eligible RRSPs are opened), the Cash Bonus will be paid into only one of the new Eligible Registered Accounts. For a spousal RRSP, the Cash Bonus will be paid into that plan and not paid to the contributor.
This Offer is non-transferable, non-saleable, may not be exchanged for cash and may not be duplicated. Limit of one (1) Cash Bonus per customer, regardless of the number of Eligible Registered Accounts opened. Offer may be changed, cancelled or extended at any time and cannot be combined with any other offers except as otherwise permitted.