​Reach your goals faster with a TFSA.

​​A Tax-Free Savings Account (TFSA) will help you save money for short and long-term goals. Because it’s tax-free, you pay no taxes on the interest or investment income earned.​

The contribution amount for 2021 is $6,000.

​What is a TFSA?

Any Canadian, 18 years or older can contribute to a TFSA.

Interest earned in a TFSA is NOT reported on your T5- Statement of Investment Income.

Contributions are NOT tax deductible.

 Contributions can only be in the name of one owner.

 Withdrawals of contributions and/or interest income are not taxable.

 Withdrawals of contributions and/or interest income will increase the unused contribution room in the following calendar year. Re-contribution   in the same year may result in an over-contribution amount, which is subject to a penalty tax.

 Unused contribution room can be carried forward. If you don't contribute the maximum amount in a given year, you can carry forward your   unused contribution room indefinitely.

 For example, if you contribute $3,000 to your TFSA in 2009, your contribution room for 2010 will be $7,000 ($2,000 carried forward from 2009   plus $5,000 for 2010).

 TFSAs are separately insured for their full amount by Financial Services Regulatory Authority of Ontario (FSRA)

​​Enjoy the benefits of a TFSA

  • ​Grow your money – Because your TFSA is tax-free, your earnings will be tax sheltered.
  • No age limit – Unlike the RRSP, you can contribute to your TFSA for as long as you’d like.
  • Use it for short and long-term goals – You don’t have to repay a TFSA withdrawal.
  • ​​Carry over withdrawals – Any withdrawal you make adds extra contribution room the following year.
  • Unused contribution room can be carried to future years.
  • It can hold a number of investments – Term deposits, mutual funds and stocks included.
​Need a hand?

​​Whether you're saving for retirement, a new car or a dream vacation, our experienced team will tailor their advice to help you maximize your savings to get there.

​How much will I save?

​​Our TFSA Calculator will help you figure out how much you could save for your life goals when you invest in a Tax-Free Savings Account.