A Tax-Free Savings Account (TFSA) is one of the best ways for Canadians to save and invest. Any income earned in your TFSA - including interest, dividends, and capital gains - is completely tax-free, even when you withdraw it.
2026 TFSA Contribution Limits
- Annual Contribution Limit: $7,000
- Cumulative Lifetime Limit (since 2009): $95,000
Key Benefits of a TFSA
Tax-Free Growth: All investment income earned inside your TFSA grows completely tax-free.
Tax-Free Withdrawals: Withdraw your money anytime without paying any tax. No penalties.
Re-Contribution Room: Withdrawn amounts are added back to your contribution room the following year.
Flexible Investments: Hold stocks, bonds, mutual funds, ETFs, GICs, and more inside your TFSA.
TFSA vs RRSP: Which is Right for You?
- TFSA: Best if you expect to be in a higher tax bracket in retirement, or need flexible access to your money
- RRSP: Best if you want immediate tax deductions and expect to be in a lower tax bracket in retirement
- Both: Many Canadians benefit from using both accounts strategically
Who Can Open a TFSA?
- Canadian residents 18 years or older
- Valid Social Insurance Number (SIN)
- No income requirement - even if you have no earned income
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