TAX-FREE SAVINGS ACCOUNT (TFSA)

Growing your money tax-free is amazing! You can invest in eligible products such as Term Deposits, Index-Linked Term Deposits, Mutual Funds* and more.

Benefits of a TFSA

✔ Contribute up to $6,500 in 2023
✔ No taxes on income or withdrawals
✔ Carry forward unused contribution room

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What is a TFSA?

A TFSA is a government-sponsored account where any money earned inside is not taxed. That means when you earn interest, a dividend or the value of a mutual fund* goes up, you get to keep all of the money you made tax free.

How Does it Work?

Every year you can contribute more money to your TFSA. You can add up to $6,500 in 2023 for a maximum of $88,000 in your lifetime, so far. You’re allowed to withdraw money anytime and can put it all back in the following year if you want.

Yearly Contribution Limits**

Year	Contribution Limit
2023	$6,500
2019-2022	$6,000
2016-2018	$5,500
2015	$10,000
2013-2014	$5,500
2009-2012	$5,000
Total Contribution Room	$88,000

**Based on the proposed Federal budget changes the annual contribution limit for 2023 will be $6,500 for a total of $88,000 in contribution room.

See How You Can Grow Your TFSA

TFSA Calculator

Term Deposit Rates

TFSA vs RRSP

What's the difference? Compare the benefits.

	TFSA	RRSP
carry forward contribution room?	Yes	Yes
taxed on growth within the account?	No	No
Tax-Free withdrawals	Yes	No
Tax deductible contributions?	No	Yes
Term Deposit or Mutual fund eligible?	Yes	Yes
unused room carry forward?	Yes	Yes
Annual maximum contribution limit?	Yes*	Yes**
Do withdrawals count towards contribution limit?	Yes***	No

*TFSA contribution limit is $6,000 in 2022, and $81,500 total since 2013. Please note, the TFSA contribution limit will increase to $6,500 on January 1, 2023.
**RRSP contribution limit 18% of gross income.
***Yes, withdrawals will only be added back to your TFSA contribution room at the beginning of the following year.

*Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments and the use of an asset allocation service. Please read the prospectus of the mutual funds before investing. Unless otherwise stated, mutual funds and other securities are not insured nor guaranteed, their values change frequently and past performance may not be repeated. Credential Securities is a registered mark owned by Aviso Wealth Inc.