Tax-Free Savings Account | TFSA

A tax-free savings account is a flexible savings account that can help Canadians meet their short- and long-terms goals.

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Who is this for?

Any Canadian aged 18 and older with a valid social insurance number can open a Tax-Free Savings Account (TFSA). Additionally, if you’re retired or a stay-at-home parent, your spouse or common law partner can give you money to contribute to your own TFSA.

Unlike an RRSP, which you can only hold until the end of the calendar year in which you turn 71, you can have a TFSA as long as you liv

How will this help me?

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Canadians can contribute up to $7,000 to a TFSA in 2024. However, if you don’t maximize your contribution room in a given year, the amount can be carried forward to the next year. For example, if you’re unable to put anything in your TFSA in 2024, you can carry the unused contribution room forward and make up the contribution in 2025 or any year after.

Another benefit is that contributions grow tax-free inside the TFSA. This means that, should you need your money, you can make a withdrawal from your TFSA without having to pay taxes on the original investment or its gains.

If you do need to make a withdrawal, you can re-contribute that amount in the following year or any year after. For example, if you withdrew $1,000 from your TFSA in 2024, you can contribute the yearly limit of $7,000 in 2025 plus the $1,000 from the previous year. This flexibility makes the TFSA an excellent savings vehicle for just about anyone.

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