Accumulate capital and withdraw money at any time, tax-free.
Is this savings account for you?
Account type :Registered Savings Account
Return paid :Increasing interest rate based on the balance maintained
Fees :None
Tax advantage :Accumulate and withdraw savings tax-free
Type of plan :Registered investment where income (interest, dividends and capital gains) and withdrawals are not taxable
Maximum annual contribution :$5,000 per year since 2009; thereafter, indexed to the inflation rate and rounded out to $500 increments
Eligible investments | Now available on AccèsD:
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Contribution limit | Includes:
Excess contributions are subject to a tax of 1% per month**. |
Income taxation |
Visit the Canada Revenue Agency |
Full or partial withdrawal |
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Transactions |
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Periodic Investment Plan |
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Interest |
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Monthly fees |
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Account statement |
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Other |
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* Mutual Funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, their values change frequently and past performance may not be repeated.
** Following changes recommended by Finance Canada, withdrawals of over contributions, non-qualified investments and amounts attributable to swap transactions, or of any related investment income, do not create additional TFSA contribution room. Some of this income will be taxed at 100%.
Maximize your TFSA contributions by using as much of your contribution room as you can.
Years | Annual limit |
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2009 to 2012 | $5,000 |
2013 and 2014 | $5,500 |
2015 | $10,000 |
2016 to 2018 | $5,500 |
2019 | $6,000 |
2020 | $6,000 |
2021 | $6,000 |
Total | $75,500 |
If you’ve never contributed to a TFSA and you meet the eligibility requirements going back to 2009, your cumulative contribution limit in 2021 is $75,500.
Ontario residents may now directly designate a beneficiary on their TFSA.
Visit the Canada Revenue Agency