TFSA (Tax Free Savings Account)

Tax-Free Savings Accounts (TFSA) are a way for individuals 18 and older to set money aside tax-free throughout their lifetime.

A TFSA can hold a combination of eligible investments, such as stocks, bonds, managed portfolios, mutual funds, term deposits, and cash. The annual contribution limit in 2020 is $6,000, but this amount may change annually based on inflation. As with RRSPs, you can carry forward the unused contribution amount to future years. 

Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn.

Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA)

Talk to one of our investment experts about Tax Free Savings Accounts.