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Tax-Free Savings Account (TFSA)
Grow your money tax-free and take it out whenever you want without penalty. 1
For a limited time, earn $150‡ on your first eligible TFSA
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 |
$57,500 |
| 2019 | $6,000 | $63,500 |
| 2020 | $6,000 |
$69,500 |
| 2021 | $6,000 |
$75,500 |
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
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
For a limited time, earn 1.30%† interest on new deposits into your RRSP or TFSA.
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.
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Start growing your money tax free with our TFSA options.
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The Scotiabank Investment Plan $150 Welcome Offer (the “Offer”) is available to individuals who open their first Eligible Investment Plan between December 1, 2021 and January 31, 2022 (the “Offer Period”) and complete certain qualifying activities.
For the purposes of this offer, “Eligible Investment Plan” means any of the following Scotia Registered Accounts: Scotia Registered Retirement Savings Plans (RRSPs, excluding Locked-In Plans such as LIRAs and LRSPs) or Scotia Tax-Free Savings Accounts (TFSAs).
Scotia RRIFs, RESPs, RDSPs, and non-registered Scotia Investment Accounts are not eligible for the Offer.
In order to qualify as a ‘first’ Eligible Investment Plan, 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 the Offer:
1) Open your first Eligible Investment Plan during the Offer Period;
2) By March 1, 2022, contribute or transfer-in a minimum of $3,000* across your first Eligible Investment Plan(s) and maintain that minimum of $3,000* until April 30, 2022; and
3) By January 31, 2022, set up a monthly recurring pre-authorized contribution (PAC) of at least $100 in any of the Eligible Investment Plan(s), which must have recurred monthly for a minimum of 3 consecutive months by April 30, 2022.
*For purposes of qualifying for this Offer, the book value of the contributions and/or transfers-in will be used to determine eligibility.
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 Investment Plan(s). Scotiabank is not responsible for any contribution over a customer’s limit in connection with this Offer. The $150 cash bonus will not be considered a contribution and therefore will not impact contribution limits.
The $150 cash bonus will be paid into your Eligible Investment Plan by June 30, 2022 following the satisfaction of the conditions outlined above. Your Eligible Investment Plan(s) must be open and in good standing at the time of the cash bonus payout. For purposes of this Offer, an Eligible Investment Plan is not in 'good standing' if the account holder is in breach of the Eligible Investment Plan account agreements. If more than one (1) Eligible Investment Plan is opened and each qualifies for the Offer, the cash bonus will be paid into one of the Eligible Investment Plan(s) in the following order: RRSP then TFSA. In the case where multiple Eligible Investment Plans of the same type are opened (e.g., where multiple RRSPs are opened), the cash bonus will be paid into one of the Eligible Investment Plans. For a spousal RRSP, the cash bonus will be paid into that plan and not paid to the contributor.
This Offer is non-transferable and may not be duplicated. Limit of one (1) Offer per customer, regardless of the number of Eligible Investment Plans opened. Offer may be changed, cancelled or extended at any time and cannot be combined with any other offers except as otherwise permitted.
The 1.30% Promotional Interest Offer (the “Offer”) applies to New Deposits (defined below) made into an eligible Scotiabank Savings Accelerator Account (“SSAA”) between December 1, 2021 and April 30, 2022 (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, promotional interest of 1.30% will be earned only on that portion of the SSAA Daily Balance that is greater than the SSAA Daily Balance as of November 30, 2021 (“New Deposits”). The “SSAA Daily Balance” means, with respect to any particular day, the closing balance in the eligible SSAA.
Promotional interest earned will be calculated at a promotional interest rate of 1.20% or 1.25% (the “Promotional Interest Rate”) plus the regular interest rate that applies to the eligible SSAA for a total effective interest rate of 1.30% during the Offer Period and only for New Deposits, as follows:
- If the SSAA Daily Balance is $250,000 or more: regular interest rate is 0.10% plus a Promotional Interest Rate of 1.20% for a total interest rate of 1.30%.
- If the SSAA Daily Balance is less than $250,000: regular interest rate is 0.05% plus a Promotional Interest Rate of 1.25% for a total interest rate of 1.30%.
The above regular interest rates are effective as of December 1, 2021 and are subject to change at any time without prior notice, resulting in a corresponding change to the Promotional Interest Rate so that the interest earned during the Offer Period on New Deposits will remain at 1.30%. Please click here for current regular interest rates.
The Promotional Interest Rate will cease to apply as of May 1, 2022. All promotional and regular 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.
This Offer, including the Promotional Interest Rate, may be changed, cancelled or extended at any time, in whole or in part, without notice.