Older active man with water pack smiling and looking down

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 $6,000 in 2021
✔ No taxes on income or withdrawals
✔ Carry forward unused contribution room

Open a New TFSA Today

Book a phone appointment or chat with our Investment Solutions Centre to get started.

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 $6,000 in 2021 for a maximum of $75,500 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.

Contribute to Your TFSA Today

Already have a TFSA? Make a contribution by transferring within Online Banking.

Yearly Contribution Limits*

YearContribution Limit
2019-2021$6,000
2016-2018$5,500
2015$10,000
2013-2014$5,500
2009-2012

$5,000

Total Contribution Room

$75,500

*Based on the proposed Federal budget changes

See How You Can Grow Your TFSA


TFSA vs RRSP

What's the difference? Compare the benefits.


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



*TFSA contribution limit is $6,000 in 2021, and $75,500 total since 2013.
**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.

Credential

*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.

Financial Fitness

Blog

TFSA or RRSP?

Learn what sets them apart.

blog

The Basics of TFSA & RRSP

Are a TFSA & RRSP different?

BLOG

Make the Most of a TFSA

​What makes a TFSA so special?

Invest Your Way

When you're ready to invest, we're here to help