top of page


TAX FREE SAVINGS ACCOUNTS enable investors to grow their savings tax-sheltered regardless of what their savings goal is. Next year’s vacation. A new car. House renovations. Or just a rainy day. Your contributions are not tax-deductible (which means you’re putting in “after-tax dollars”) – it also means that any growth in the plan is tax-sheltered and any withdrawals are tax-free. In other words, the growth and withdrawals are not subject to any tax.


  • The opportunity to earn investment income, tax-free – Any interest, capital gains or dividend income you earn within the account is not subject to tax

  • The flexibility to withdraw your savings, tax-free – At any time and for any purpose you choose

  • The ability to contribute to a spouse’s TFSA – Remember, your total contribution to any account cannot exceed the maximum allowed

  • A wide range of investment options for enhanced flexibility – Including mutual funds, guaranteed investment certificates (GICs), stocks, bonds and cash

  • No impact to your government benefits – No income you receive or withdrawals you make from a TFSA will affect your eligibility to receive income-tested benefits such as the Guaranteed Income Supplement, Canada Child Tax Benefit or Old Age Security benefits

The Basics


  • Anyone 18 years of age and over who is a resident of Canada can open a TFSA

  • A valid Social Insurance Number is required to open an account

  • You do not need to have earned income or file an income tax and/or benefit return


  • Unused contribution room can be carried forward to future years

  • Any amount withdrawn from a TFSA can be re-contributed in future years without reducing contribution room

  • Spouses (and common-law partners) can give each other money to contribute to their own TFSA as long as it is within the maximum allowed. TFSA assets can be transferred to a spouse tax-free upon death


  • No tax will be withheld

  • Funds may be withdrawn for any purpose

  • No limit on the amount of each withdrawal

 Tax features

  • Account is funded with after-tax dollars

  • Earnings growth in plan is tax-sheltered

  • Withdrawals from the account remain tax-free

bottom of page