Individual Wealth Management
Tax Free Savings Account | TFSA
A TFSA is a flexible, registered account that lets Canadians grow their savings tax-free. It can hold a variety of investments, like mutual funds, GICs, stocks, and segregated funds, making it ideal for both short- and long-term, goals from buying a car to building long-term wealth
Why Get A TFSA?
Tax Free Savings Account
If you’re a Canadian resident aged 18 or older with a valid Social Insurance Number (SIN), you can open a Tax-Free Savings Account (TFSA). Any money you contribute can be invested, and all growth whether from interest, dividends, or capital gains is completely tax-free. Best of all, you can withdraw your money at any time without paying tax, making a TFSA a flexible and efficient way to save.
How does it work?
Tax-Free Growth
Once you contribute, your investments. Whether they earn interest, dividends, or capital gains, they grow completely tax-free within the account.
Tax-Free Withdrawals & Flexibility
You won't pay any tax when you withdraw your money, making TFSA a flexible and efficient way to save.
Who Can Open A TFSA
If you're a Canadian resident aged 18 or older with a valid Social Insurance Number (SIN), you can open a Tax-Free Savings Account.
How does it work?
Tax-Free Growth
Once you contribute, your investments. Whether they earn interest, dividends, or capital gains, they grow completely tax-free within the account.
Tax-Free Withdrawals & Flexibility
You won't pay any tax when you withdraw your money, making TFSA a flexible and efficient way to save.
Who Can Open A TFSA
If you're a Canadian resident aged 18 or older with a valid Social Insurance Number (SIN), you can open a Tax-Free Savings Account.
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Do you qualify for a TFSA?
Discover if you qualify for a TFSA and how it can help you save for any goal while earning tax-free investment growth. Learn the key eligibility rules and benefits so you can make the most of your contribution room and withdraw anytime.
Personal Eligibility:
You qualify for a TFSA if you are a Canadian resident, at least 18 years old, and have a valid Social Insurance Number (SIN). There is no upper age limit, so you can continue contributing for life as long as you remain eligible.
If you want Tax-Free Growth
If you’re looking for an account where your money can grow tax-free, a TFSA is a powerful option. All investment earnings are tax-free, and you can withdraw your money at any time, for any reason, without paying tax or penalties.
Flexible Investment Options to Match Your Goals
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Do you qualify for a TFSA?
Discover if you qualify for a TFSA and how it can help you save for any goal while earning tax-free investment growth. Learn the key eligibility rules and benefits so you can make the most of your contribution room and withdraw anytime.
Personal Eligibility:
You qualify for a TFSA if you are a Canadian resident, at least 18 years old, and have a valid Social Insurance Number (SIN). There is no upper age limit, so you can continue contributing for life as long as you remain eligible.
If you want Tax-Free Growth
If you’re looking for an account where your money can grow tax-free, a TFSA is a powerful option. All investment earnings are tax-free, and you can withdraw your money at any time, for any reason, without paying tax or penalties.
Flexible Investment Options to Match Your Goals
Not sure if TFSA fits your goals?
A TFSA is a great tool for tax-free savings, but it’s important to match it with your goals. If you want more structure or retirement-focused growth, an RRSP or other investment plans could be a better fit.
TFSA Contributions
The TFSA limit for 2025 is $7,000, but your total contribution room may be higher if you have unused room from previous years or past withdrawals.
Helpful TFSA
Facts to Know!
Helpful facts to know about TFSAs and how they’re commonly used. This section shares key things people should understand about TFSAs.
TFSA Withdrawals
You can withdraw from your TFSA anytime for any reason, but some investments inside the account may have their own restrictions.
No Upper Age Limit
As long as you’re a Canadian resident with a valid Social Insurance Number (SIN), you can continue contributing to a TFSA at any age. Unlike an RRSP, there is no requirement to stop contributions later in life.
TFSA Contributions
The TFSA limit for 2025 is $7,000, but your total contribution room may be higher if you have unused room from previous years or past withdrawals.
Helpful TFSA
Facts to Know!
Helpful facts to know about TFSAs and how they’re commonly used. This section shares key things people should understand about TFSAs.
TFSA Withdrawals
You can withdraw from your TFSA anytime for any reason, but some investments inside the account may have their own restrictions.
No Upper Age Limit
As long as you’re a Canadian resident with a valid Social Insurance Number (SIN), you can continue contributing to a TFSA at any age. Unlike an RRSP, there is no requirement to stop contributions later in life.
TFSA Contributions
A TFSA lets you grow your savings tax-free, and gives you flexibility to save for short or long-term goals. For 2025, you can contribute up to $7,000, or up to $103,000 total if you’ve been eligible since it started in 2009. You can also carry forward unused room each year. If you overcontribute you can be penalized at 1% per month on the excess amount.
18%
$32,490
Of Your
earned
income
Maxmum for 2025
TFSA Withdrawals
The best perk of a TFSA is the flexibility, you can withdraw funds anytime, tax-free. Withdrawn amounts can be contributed the following year, giving you freedom to reuse your room without penalties.
TFSA Contributions
A TFSA lets you grow your savings tax-free, and gives you flexibility to save for short or long-term goals. For 2025, you can contribute up to $7,000, or up to $103,000 total if you’ve been eligible since it started in 2009. You can also carry forward unused room each year. If you overcontribute you can be penalized at 1% per month on the excess amount.
18%
Of Your
earned
income
Maximum for 2025
$32,490
TFSA Withdrawals
The best perk of a TFSA is the flexibility, you can withdraw funds anytime, tax-free. Withdrawn amounts can be contributed the following year, giving you freedom to reuse your room without penalties.
Frequently Asked Questions
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