Note: Over Contribution Penalties apply.
To obtain the most up-to-date information about your TFSA contribution room, you can:
Earn interest tax-free!
Lock in to earn more interest tax-free!
Save for your $1,000 minimum!
Take advantage of rate increases!
Earn more PLUS easily access your funds. It's a win-win!
Save for your TFSA investment! And easily transfer funds to your TFSA.
Tax-Free Savings Accounts (TFSAs) are available to any Canadian resident age 18 and older with a Social Insurance Number.
No, they’re not. Only RRSP contributions are. But withdrawals from a TFSA aren’t subject to withholding tax and you can make them anytime!
Any amount you withdraw will be added to your contribution room for the following year. The maximum TFSA contribution dollar limit for 2024 is $7,000.
However, if you contribute less than the annual $7,000 maximum, your unused contribution room may be carried forward indefinitely and used in future years.
The initial deposit must be $1,000 or more. If you don’t have $1,000, no problem. You can open a TFSA Savings Account. Deposit as little or as much as you like and save, tax-free, for that $1,000 initial deposit. Apply today or if you already have a registered investment with us, you can open a TFSA Savings Account through digital banking. Go to Accounts > Open Account > Registered > TFSA Savings Account.
You can also view our consolidated TFSA brochure (pdf).
Need more help choosing the right savings product?
Rates subject to change without notice.
Calculators on the site are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please contact us directly to seek personalized advice from qualified professionals for all personal finance issues.
Investments require a minimum deposit of $1,000. Interest is earned in the currency of the account and calculated on a per annum basis. Rates are subject to change without notice. Interest rates are annual interest rates. Interest is calculated daily on the closing credit balance. If term is withdrawn in full, the accrued interest is paid in full based on prior day's amount. If partial withdrawals are processed, there is no payment of accrued interest as it's paid according to the original terms. Interest for products can either be paid to a separate account or added to the principal on each anniversary date and at maturity.
Learn more about our accounts and services. Review our Account and Fee Information (pdf).
Identify the interest rates applicable to your account(s) and how they're calculated. Review our About Our Interest Calculations (pdf) document.
The Tax-Free Savings Account (TFSA) is one of the very top options when it comes to tax advantages.
When you open this type of account, you aren’t getting a tax-deductible benefit or deferred tax payment. It’s a much more powerful advantage: You’re free from paying additional taxes on contributions to the account, because you will use post-tax income.
Additionally, you don’t have to worry about the income earned in the account (interest, capital gains, etc.) which would otherwise be taxable income. It all grows tax free!
With those positives in mind, it’s clear that exploring TFSA options is in your best interest. To help, we’ll answer some commonly asked questions about TFSAs.
Yes! “Savings account” is right there in the name. A TFSA is intended to serve as a long-term solution for saving money. You can and should set money aside in this account to grow and help you reach your financial goals, without having to pay taxes on the income you earn.
TFSA accounts allow withdrawals at any time, except for when the investments selected require a certain amount of time to reach maturity. Similarly, a TFSA doesn’t have a minimum balance by itself, but certain investments may require one.
Even though you may have the option, making many withdrawals in the short term is generally not the best idea. Ideally, you will only take funds from TFSA for a defined goal or major emergency. Using a TFSA as a source of short-term funds can mean missing out on the benefits.
A TFSA savings account is available to every Canadian resident over the age of 18 who has a valid Social Insurance Number (SIN). That easy availability makes it one of the best tax-free savings accounts.
TFSA rates are important to consider, especially with long-term savings as the goal. However, it may be more worthwhile to focus on the rate of return offered by the investments held in your TFSA. Returns for investment vehicles like guaranteed investment certificates (GICs), for example, can be significantly higher than a bank’s TFSA interest rate.
View our current interest rates.
It’s important to note that there’s no guarantee that a TFSA will help you meet all of your savings goals or meet all financial obligations.
With that said, a TFSA can definitely be worth it for your personal savings and investment strategy. With major tax advantages and the ability to easily withdraw funds when needed, it’s a popular option across Canada for a reason. As you plan your approach to saving and investing, keep a TFSA savings account in mind.
Great! We’re here to help. Review TFSA savings account options on this very page and apply for an account in minutes!
