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Tax-Free Savings Accounts (TFSAs)

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 2020, 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. 2


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
2019 $6,000 $63,500
2020 $6,000
2021 $6,000

If you were 18 or older* in 2009, have been a tax resident of Canada and opened a TFSA in 2021, you could contribute up to $75,500.

Refer to TFSA FAQs for additional information

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

Enjoy 1.50% interest in your TFSA or RRSP savings for a limited time.

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.

Book an appointment with a Scotia advisor.

It starts with a simple conversation.

Have a question?

We’re ready to give you advice.