Tax-Free Savings Account (TFSA)

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.

Advantages

  • 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

FAQ