Group tax-free savings account

​A group TFSA is a type of savings plan. Contributions aren’t tax-deductible, but the income they generate (including capital gains) is tax-free, even when withdrawn.


For employersFor employees
  • Often offered in combination with a retirement savings plan
  • Easy to manage
  • Great addition to employee benefit package
  • Offers flexibility for short-and medium-term savings goals
  • TFSA contributions don’t count toward RRSP contribution room
  • Money can be withdrawn at any time for any reason, tax-free


  • No minimum contribution required
  • Can be made via regular payroll deductions or as lump-sum deposits
  • There are annual contribution limits, but they’re cumulative:
    • 2009 to 2012: $5,000
    • 2013 and 2014: $5,500
    • 2015: $10,000
    • 2016, 2017 and 2018: $5,500
    • 2019 to 2022: $6,000
    • 2023: $6,500


  • Plan needs to be registered with Canada Revenue Agency
  • No regulatory fees
  • No annual meeting required
  • Subject to payroll taxes, since contributions count as salary
  • Employees responsible for their investment choice
  • Investment policy not required

This text is for information purposes only. Refer to the policy for all conditions, exclusions and restrictions.