4. The Best Part
Your earnings are tax-free.
90 days to
5 years,
guaranteed return
3. You Have Options
Here are all the ways you can save and invest in your TFSA.
2. You can save for anything
2019-2020
$12,000*
2018
2009 – 2017
$5,500
$52,000
*Annual limit based on legislation current as of January 1, 2020 subject to potential future change.
**Must be at least 18 years of age each year, have a Social Insurance Number and be a resident of Canada.
Be careful!
If you over contibute, you'll get taxed 1% per month
Click to see new contribution room
You’d have that $1,000 contribution room back in 2020.
- $1,000
$5,000
2020
2019
$7,000
If you take money out, you get that contribution
room back the following year.
$7,000
Contribute
$5,000
$5,000
Top 4 Things You Should Know About TFSAs
1. Your Contributions Count
$81,500
Your total contribution room, if you've been eligible* since TFSAs were launched. Every year, the federal government determines how much TFSA contribution room is added.
2009-2012
2013-2014
2015
2016-2018
2019-2022
$5,000
$5,500
$10,000
$5,500
$6,000
$1,000 unused room
2020
Contribution room**
$7,000
What you don't contribute gets carried over and is cumulative for as long as you've been eligible.
2021
$1,000
carried over
Contribute
$6,000
Contribution room**
$7,000
$1,000
given back
2021
2022
take out $1,000
1%
The amount you're taxed per month, if you over contribute.
Big purchase
Emergency fund
Home renovation
Retirement
Down payment
Vacation
Tax-Free Savings Accounts
TFSA
Investment Funds
TFSA GICs
TFSA Stocks, Bonds, ETFs, etc.
Short-term or long-term basic savings, great interest rate
Potential long-term growth, get a fund recommendation based on your investment objectives and needs
Lock your money in for a set amount of time at a guaranteed return
Individual holdings you choose or have managed based on your needs
Just decide which TFSA options will help you reach your goals.
Earnings and withdrawals are also tax-free.
After-tax dollars go in.
*Must be at least 18 years of age each year, have a Social Insurance Number and be a resident of Canada.
**Assumes you contributed the maximum amount in previous years.
Annual limit based on legislation current as of January 1, 2022 subject to potential future change.
2009-2012
$5,000
2013-2014
$5,500
2015
$10,000
2016-2018
$5,500
$6,000
2019-2022