Keep more of what you earn
Intended to help Canadians save more, the Tax-Free Savings Account (TFSA) allows your investments to grow tax-free.
Any Canadian resident who is at least 19 years old can open a TFSA. The only requirement is that you have a Social Insurance Number. The federal government sets a maximum amount you can contribute each year, but unused contribution room from previous years can be carried forward.
Contributions to a TFSA aren't tax-deductible like an RRSP, but the investment income earned within the account, including interest, dividends or capital gains, is not taxed, even when withdrawn. It’s very flexible – funds can be withdrawn at any time and put back in later without reducing your contribution room.
Your choice of investments for your TFSA is very broad – you can hold cash in high-interest savings accounts or invest in term deposits, mutual funds†, securities† or bonds†.
Talk to us
Starting a TFSA. Just give us a call at 604.982.8000 (toll-free 1.888.713.6728), send us a message, or visit a local branch.