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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.
*Min deposit and eligible PAC 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
How would you like to build your TFSA?
Guided investing with Scotia Smart Investor
Earn a 1.5% cash bonus on transfers, up to $3,750.* Learn more.
Invest in mutual funds, GICs, and more.
Reach your goals with personalized recommendations. Learn more.
Self-directed investing with Scotia iTRADE®
We now offer 200+ commission free ETFs.† Learn more.
- Start direct investing online to trade stocks, ETFs, and more.
Track your entire financial picture, all on one screen. Learn more.
New to Scotia or want to speak to an advisor?
Open an account and get personalized investment support from a Scotiabank advisor.
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.
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.
Scotia Essentials Portfolios™
Cost-effective ETFs and mutual funds, together in one portfolio. Scotia Essentials Portfolios.
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.
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Have a question?
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Frequently Asked Questions
Not sure if this is the account for you?
This account might not be right 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
Discover better options
The Investment Companion Booklet includes important information about our products, services, and fees.
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.
Refers to Scotia iTRADE's brokerage commission for online trade execution only. Does not take into account fees, charges, expenses or commissions imposed by the fund companies, all of which can be associated with ETF investments. You should carefully consider the fund's investment objectives, risks, fees, charges, expenses and commissions before investing. The prospectus contains this and other important information about the fund. Please read the prospectus carefully before investing. Funds are not guaranteed; their values change frequently, and past performance may not be repeated. In order to qualify for our "commission-free ETFs" offer ("Eligible ETFs") trades of Eligible ETFs must be placed online or by phone via Teletrader. You will be charged our regular equity commission depending on the pricing tier for which you qualify (see online fee schedule) on the sale of any Eligible ETFs held for less than 1 business day. Add $65.00 for telephone representative-assisted trades. Scotia iTRADE reserves the right to modify or cancel this offer at any time without notice.
Please note that this list of Eligible ETFs is subject to change without notice. The links to the ETF issuers’ websites are provided as a convenience only and are not to be construed as investment advice or as a recommendation to buy, sell or hold any particular security or to follow any particular investment strategy. No ETF product, or any information provided by or available through any ETF provider, or through any of their respective websites, has been endorsed, validated or approved by Scotia Capital Inc. or its affiliates, and neither Scotia Capital Inc. nor any of its affiliates is responsible or liable therefore, or for any third-party products, services, opinions, information or prospectus content of any ETF providers. Scotia iTRADE does not provide investment advice or recommendations, and you are responsible for your own investment decisions.
Scotia iTRADE® (Order-Execution Only) is a division of Scotia Capital Inc. (“SCI”). SCI is regulated by the Canadian Investment Regulatory Organization and is a member of the Canadian Investor Protection Fund. Scotia iTRADE does not provide investment advice or recommendations and investors are responsible for their own investment decisions.