With the flexibility to hold a wide range of investments, a self-directed Tax-Free Savings Account (TFSA) is a powerful way to save for your next goal – without having to pay taxes on what you earn.
It’s a registered investment account that lets your earnings (like interest, dividends and capital gains) from qualified investments grow tax-free. Invest for any goal – from a new car to retirement – and never pay tax on withdrawals.
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From paying for college to retiring, learn how real people use—or plan to use—their TFSAs.
You can hold a wide range—including the same ones you hold in a Registered Retired Savings Plan (RRSP).
Complete your application online in just minutes and your account can be opened within 24 hours3.
In 2022, the contribution limit is $6,000. You can make contributions throughout the year or in a lump sum. In addition to the annual contribution limit, your unused contribution room is carried forward indefinitely. Plus, withdrawals are added back to your contribution room the following year.
No, investment income and withdrawals are not included as income for tax purposes, which means they will not affect your eligibility for income-tested government benefits and credits such as the Canada Child Tax Benefit, the Working Income Tax Benefit, the Guaranteed Income Supplement, Old Age Security (OAS) or the Goods and Services Tax (GST) credit.