A Tax-Free Savings Account (TFSA) is a savings vehicle that lets you earn tax-free investment income. It is a registered account introduced by the Federal Government in the 2008 Budget. The TFSA allows all of your investment income to grow tax-free and it is a great way to complement your existing registered plans such as the RRSP and RESP.
Have a question about our TFSA options? We've provided answers to the most common TFSA questions below.
The 2025 TFSA contribution limit is $7,000, plus the amount of withdrawals you made in 2024 and your unused contribution room from previous years:
If you’ve never contributed to a TFSA and you’ve been eligible since 2009, your unused contribution room for 2025 will be $102,000.
Your spouse owns the TFSA and will earn any interest in the account.
As often as you wish, but timing may depend on what you invested in — for example GICs may not have matured.
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.