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Tax-Free Savings Account (TFSA)

Tax-Free Savings Account (TFSA)

What is a TFSA?

A TFSA (Tax Free Savings Account) is an investment account that lets you earn interest on your money, and withdraw funds, free of tax. This year, you can contribute up to $6,500, the TFSA dollar limit for 2023.

You can do anything with a TFSA – withdraw money to contribute to your RRSP, set aside emergency savings, use it as retirement income, cover living expenses during parental leave – the possibilities are endless.

Benefits of a TFSA

Tax-sheltered growth

You don’t pay tax on any interest, dividends, or capital gains your investments earn.

Worry-free withdrawals

Withdraw as much as you want, any time, without paying tax on it.

Customized savings

Build a TFSA that fits your goals from a wide range of investment and savings options – including GICs, bonds, and ETFs.

Open a TFSA

Quick tip: If you're already a Member, you can open a TFSA through Online Banking. On your accounts page, just select "Add Investments" and choose "TFSAs". Sign in and get started.

Featured TFSA options

1-year Cashable GIC

A great option if you want a guaranteed investment without locking your money away.

Market-linked GICs

A great, lower-risk way to benefit from the potential growth of the stock market. Your principal investment is guaranteed!

High Interest Savings

A full-service savings account with a great rate to help your money grow faster.

Expert advice

Want to chat with an advisor about building a TFSA that fits your savings goals? Start the conversation – find a branch and book a meeting.

Find a branch

Contribution rules

Maximum contribution

For 2023, the annual contribution limit is $6,500. Unused contribution room is carried forward from previous years.

Who can contribute

Canadian residents 18 years or older who have a valid social insurance number can contribute to a TFSA.

Unused contribution room

If you have unused contribution room at the end of the year you can carry it over and use it next year.

Withdrawal rules

  • You can withdraw any amount, any time. There may be some exceptions to this – it depends on the types of investments you have in your TFSA. For example, if you’re holding GICs in your TFSA and you withdraw those funds before they mature, you may pay a penalty.
  • When you make a withdrawal, you can re-contribute the same amount at the start of the next year and it doesn’t count toward your annual contribution limit.
  • You don't pay any taxes on the funds you withdraw.
Frequently asked questions

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. Credential Securities is a registered mark owned by Aviso Wealth Inc.