Make your money grow with a tax-free account.
If you’ve already made your annual RRSP contribution to reduce your taxable income and are still looking for a tax-free savings growth opportunity, a TFSA may be the answer. Capital gains in the form of interest and dividends grow tax-free for life – and they aren’t taxed at withdrawal.
- 1- to 5-year terms or open savings available
- Contributions are not tax deductible, but the investment income earned in your TFSA is tax-free, even upon withdrawal
- Unused contribution room can be carried forward
- Withdrawn amounts can be redeposited the following year without reducing your contribution room
- Contributions and withdrawals will not affect your eligibility for federal benefits like the Guaranteed Income Supplement and Canada Child Tax Benefit
- TFSA assets can be transferred to your spouse or partner on your death without affecting their contribution room
- You must be at least 18 years of age and have a Canadian social insurance number
- Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA)