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Grow your savings without paying tax on the returns by choosing the right tax-free investment plan.
Get expert guidance from Canada's top portfolio managers.
Tailored TFSA investment options as per your goals.
Yearly review to ensure your TFSA meets your goals.
Quick and simple process to apply for your TFSA online.
A Tax-Free Savings Account (TFSA) is a Canadian registered investment account that allows you to grow and withdraw money, typically tax-free. You can earn high interest, dividends, or gains, and most withdrawals are not taxed. Certain conditions may apply.
A Tax-Free Savings Account (TFSA) is a simple way for Canadians aged 18 or older to save money and not pay taxes on it. Every year, you can add money up to a certain limit set by the government. If you don’t use all your allowed room to add money, it carries over to future years, so you can use it later. You can use your TFSA to safely save or invest in things like savings accounts, stocks, or bonds. Any money you earn in your TFSA is tax-free. You can also take money out anytime you need it, and you won’t pay any taxes on the amount you withdraw. The money you take out is added back to your allowed room in the next year. It’s important not to put in more than your limit. If you do, you will have to pay a penalty. A TFSA is a great way to save money and grow it without paying extra taxes. Please refer to the below table to know your contribution room.
Canadians Invest In TFSA
2025 Contribution Limit
Tax On Gains and Withdrawal
Maximum Contribution Limit (i)
The year you turned 18, if after 2009, or if you open your first TFSA in 2025.*
Any person who is a resident of Canada, is age 18 or older, and has a valid Social Insurance number is eligible to open a TFSA.* Also, you can have more than one TFSA at any given time, but the total amount you contribute to all your TFSAs cannot be more than your available TFSA contribution room for that year.
We will help you open and set up your TFSA as per the customized plan.
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Start investing in your TFSA account and enjoy tax-free growth and savings.
In a TFSA, you can grow your investments, earn tax-free income, and withdraw them at any time without paying taxes.
You can contribute to and withdraw money from this account at any time, without reducing your contribution room or paying any penalties.
You don’t need earned income to contribute to a high interest tax free savings account, even if you are retired or not working, you can take advantage of this.
Your unused contribution room from previous years is carried forward and added to your future contribution limits, increasing flexibility.
Explore investment options the Canadian government allows within your TFSA, from simple cash holdings to complex securities.
Includes Canadian and foreign currency held in the account
Professionally managed investment funds pooling money from multiple investors.
Stocks, ETFs, and REITs traded on designated stock exchanges.
Fixed-income investments offering guaranteed returns over a set period.
Includes government and corporate bonds approved by the CRA.
Must meet CRA’s private corporation investment criteria
The annual contribution limit to a TFSA is set by the government each year. In 2025, the limit is $7,000. If you don’t use all of your contribution room in one year, the unused amount will carry over to the next year. This means you can put in more money in future years if you didn’t reach your limit. The contribution limit also includes any unused room from past years, starting from 2009 (or the year you turned 18, if after 2009). For the latest information, check with your bank or visit the official CRA website.
Over-contributing to a Tax-Free Savings Account (TFSA) can lead to financial penalties, as the Canada Revenue Agency (CRA) imposes a 1% monthly tax on the highest excess amount until it is withdrawn. It’s important to note that withdrawing funds during the year does not reset your contribution limit for that year; contributing withdrawn amounts in the same calendar year can inadvertently result in an over-contribution. Additionally, contributions made by non-residents or the acquisition of prohibited or non-qualified investments within a TFSA may also trigger tax penalties. To avoid these issues, account holders should carefully track their contributions and consult a tax advisor if over-contribution occurs.
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Schedule A MeetingA Tax-Free Savings Account (TFSA) lets you take money out anytime, for any reason, and you don’t have to pay taxes on it. You don’t need to wait until a certain age to withdraw, and there is no limit to how much you can take out. However, if you have certain investments, like non-redeemable GICs, you will need to wait until they mature to withdraw the money. When you withdraw money from your TFSA, it doesn’t reduce your contribution limit for the current year. The amount you withdraw will be added to your contribution room the next year. For example, if you take out $1,000 in 2022, you can add that $1,000 back to your contribution room in 2023. If you want to put money back into your TFSA in the same year, you need to make sure you have enough room. If you don’t, you will go over the limit and may have to pay a penalty. Over-contributions are taxed 1% per month on the extra amount until it’s fixed. If you need more help, your bank or financial institution can assist you. You can also visit the official CRA website for more information.
By the end of February each year, all TFSA issuers must electronically submit a record to CRA for every individual with a TFSA. If you notice any errors in your TFSA Room Statement or TFSA Transaction Summary, such as incorrect dates or amounts of contributions or withdrawals, contact your TFSA issuer directly. If the issuer finds any mistakes in the information they provided, they must send us a corrected record to update our system.
Understanding the Benefits and Drawbacks of a TFSA
| Pros | Cons | |
|---|---|---|
| Your money grows tax-free, and you don’t pay tax when you withdraw. | You can’t deduct your contributions from your taxes. | |
| You don’t need to earn income to put money into a TFSA. | Contributions over the limit will be taxed. | |
| Unused contribution room carries over, letting you contribute more later. | Contributions made as a non-resident of Canada are taxed. | |
| Contribution room goes back to 2009 or when you turned 18. | If you owe taxes, you must file a return by June 30. | |
| TFSA income and withdrawals don’t affect government benefits. | TFSA funds are not protected from creditors. | |
All TFSA investment growth is completely tax-free over time.
Aggressive funds grow fastest, maximizing gains within a TFSA.
TFSA allows GICs, mutual funds, and growth options.
Compounding tax-free returns greatly boost long-term savings potential.
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