TFSA is a flexible savings account that allows you to grow your money taxfree. It offers various investment options and has contribution limits.
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A Tax-Free Savings Account (TFSA) is a registered savings account that allows Canadians to earn investment income tax-free. Contributions are not tax-deductible, but withdrawals of contributions and earnings are tax-free, providing flexibility for both short-term and long-term financial goals & financial protection for your loved ones.
All investment income earned within a TFSA is completely tax-free, maximizing your savings potential.
Withdraw funds at any time without tax penalties, making it ideal for both short-term needs and long-term goals.
Hold a variety of investments, including cash, stocks, bonds, mutual funds, and GICs, tailored to your financial strategy.
Expertise
The annual TFSA contribution limit for 2025 is $7,000.
From 2009 to 2012, the limit was $5,000; in 2015, it was $10,000. Unused contribution room carries forward indefinitely.
Total contribution room is the sum of the current year’s limit plus any unused contribution room from previous years and any withdrawals made in the previous year.
Ideal for emergency funds and short-term savings, offering liquidity and security.
Provide fixed interest returns over a set period, ensuring capital preservation.
Pool your money with other investors to access a diversified portfolio managed by professionals.
Invest in individual companies to potentially benefit from capital appreciation and dividends.
Lend money to governments or corporations in exchange for regular interest payments.
We help you to choose from a wide array of institutions that offers TFSA accounts.
Decide on the types of investments to hold in your TFSA based on your financial goals and risk tolerance.
Complete the application process and make your initial contribution to start growing your savings tax-free.
A TFSA is a registered savings account that allows Canadians to earn tax-free investment income. Contributions are not tax-deductible, but withdrawals of contributions and earnings are tax-free.
Any Canadian resident aged 18 or older with a valid Social Insurance Number (SIN) can open a TFSA. In some provinces, the minimum age is 19.
A TFSA can hold a variety of investments, including cash, stocks, bonds, mutual funds, ETFs, and GICs, depending on the financial institution offering the account.
The annual contribution limit for 2025 is $7,000. Unused contribution room carries forward indefinitely, allowing you to contribute more in future years.
Over-contributions are subject to a penalty tax of 1% per month on the excess amount until it is withdrawn or contribution room is restored.
No, all withdrawals from a TFSA, including investment income and capital gains, are tax-free. Withdrawn amounts are added back to your contribution room in the following year.
Yes, you can hold multiple TFSAs with different financial institutions, but your total contributions across all accounts cannot exceed your contribution limit.
The Canada Revenue Agency (CRA) tracks your TFSA contribution room. You can check it through your CRA My Account online or on your most recent Notice of Assessment.
Unlock the power of a TFSA and achieve your financial goals with tax-free growth, flexibility, and peace of mind.
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