Tax Free Savings Accounts

Earn up to 1.7% on Tax-Free Savings Accounts

This registered savings account that allows you to earn investment income tax-free inside the account. You can use your TFSA to save for any goal, short or long term, including a future down payment on a home or a child's education.

Calculate your savings using the Tax-Free Savings Account calculator!

Who can have a TFSA? Expand/Collapse

To be eligible, you must:

  • be a resident of Canada, with a valid SIN.
  • be 18 years of age or older.
  • be an individual (not a Trust or a Corporation).

How is a TFSA taxed? Expand/Collapse

Features of your TFSA:

  • TFSA contributions are not deductible in determining income for tax purposes (unlike RRSP contributions).
  • Any income earned in your TFSA will not be taxed (e.g. interest, dividends, capital gains, etc.).
  • Withdrawals of contributions and/or income will not be subject to tax.
  • Withdrawals are not subject to withholding tax, and are not reported as taxable income.
  • Withdrawals will not affect your eligibility for income-related benefits or credits (e.g. Canada Child Tax Benefit, Guaranteed Income Supplement).

Please note:

  • Interest on money borrowed to purchase or contribute to a TFSA is not deductible for tax purposes.

How much can I contribute to my TFSA? Expand/Collapse

Contribution limits:

  • You can contribute a maximum of $5,500 to your TFSA in 2017.
  • The $5,500 contribution limit is in addition to your RRSP contribution limit / carry-forward room.
  • Unused contribution room is carried forward indefinitely.
  • Withdrawals of capital will increase the unused contribution room in the year following the withdrawal.

How will I know what my allowable contribution room is after this year?

  • Your annual Notice of Assessment will include your TFSA activity and allowable contribution room.

Please note:

  • As the account holder, you are responsible for ensuring that you have not exceeded your TFSA contribution limit.
  • Over-contribution amounts are subject to a tax of 1% per month until withdrawn.
Learn more about your TFSA limit at the CRA website here.

Where can I invest my TFSA funds? Expand/Collapse

As with an RRSP or RRIF, eligible TFSA investments include: term deposits, GICs, savings accounts, mutual funds, segregated funds, publicly traded securities and bonds.
For more information or to discuss how to maximize your TFSA, contact us to speak with one of our knowledgeable staff members.

Since a TFSA is a registered product, you'll need to open it in person at one of our branches. To start your TFSA today, visit your local branch or send us an email at to make an appointment.