Tax Free Savings Account

TFSA Essentials

A Tax-Free Savings Account (TFSA) is a savings vehicle that lets you earn tax-free investment income. It’s a great way to complement your existing registered plans such as the RRSP and RESP.

What are the benefits of TFSAs?

  • Tax-free growth - you don’t pay taxes on interest earned in your TFSA which helps you build your savings faster.
  • Tax-free withdrawals
  • You can put back any amounts you withdraw in the year after you withdraw them.
  • You can choose from a wide range of investment options.
Book an Appointment Now


Have a question about our TFSA options? We've provided answers to the most common TFSA questions below.

What is a TFSA? Expand/Collapse

A Tax-Free Savings Account (TFSA) is a registered account introduced by the Federal Government in the 2008 Budget. This account allows all of your investment income to grow tax-free.

Who is eligible for a TFSA? Expand/Collapse

All Canadian residents age 18 and older with a Social Insurance Number can open a TFSA.

How much am I allowed to contribute each year? Expand/Collapse

Below are the contribution limits for each year the TFSA has existed:

Contribution Limit Year
6,000 2019 - 2020
5,500 2016 - 2018
10,000 2015
5,500 2013 & 2014
5,000 2009 - 2012






Can I open more than one Tax Free Savings Accounts (TFSA)? Expand/Collapse

Yes, you are permitted to hold more than one TFSA plan. However, regardless of the number of TFSA plans you hold, you are subject to their total annual contribution limit.

Can I contribute to my spouse or common-law spouse's TFSA? Expand/Collapse

No. However, you may give money to your spouse to contribute to his or her TFSA.

If I give funds to my spouse to contribute to his or her TFSA, who will get the income, me or my spouse? Expand/Collapse

Your spouse owns the TFSA and will earn any interest in the account.

How often can I withdraw from my TFSA? Expand/Collapse

As often as you wish, but timing may depend on what you invested in—for example GICs may not have matured.

If I withdraw money from my TFSA, can I re-contribute this withdrawn amount later on in the tax year? Expand/Collapse

Withdrawals you make in the current calendar year will be added to your unused contribution room. Amounts can't be re-contributed until the following calendar year or later.