A Tax-Free Savings Account TFSA is a registered savings vehicle that allows you to invest at any age and earn tax-free income to help make your plans happen.
The TFSA is for Canadian residents aged 18 and over who want to build their savings tax-free.
- Maximize your tax-free savings, even if you've already maxed out your RRSP contributions
- Grow your savings outside of an RRSP
- Earn tax-free interest on investments in your TFSA, so your money grows more quickly than the same amount invested elsewhere with the same returns (Plus, when you make a withdrawal, you won't need to give any money to the taxman!)
- Withdraw money from your TFSA without compromising your eligibility for or the amount of your income-tested credits and benefits, such as the Canada Child Tax Benefit, Old Age Security or Employment Insurance benefits
- Continue to save even during retirement (Since there's no age limit for the TFSA, you can put aside some of your retirement income while enjoying tax benefits.)
Eligible savings products