Tax Free Savings Account

TFSAIndividuals who are 18 years and older and who have a valid social insurance number are able to open a TFSA and save tax-free.

Moya Financial offers 1-5 year terms or open savings TFSAs. Imagine… you can purchase a car, renovate your home, or even take a vacation with your TFSA savings. 


  • Contribution limit of $5,000 per year from 2009 to December 31, 2012.
  • The annual contribution limit for the years 2013 and 2014 was $5,500.
  • The annual contribution limit for 2015 is $10,000.
  • The annual contribution limit will be rolled back from $10,000 to $5,500 and indexing under the former rules will be reinstated for contributions made in 2016 and beyond.
  • The maximum TFSA contribution room available from 2009 will be $52,000 as of January 1st, 2017.
  2009 2010 2011 2012 2013 2014 2015 2016 2017
Annual contribution limit $5,000 $5,000 $5,000 $5,000 $5,500 $5,500 $10,000 $5,500 $5,500
Total contribution: $52,000
  • 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 to future years.
  • Withdrawn amounts can be redeposited in the following year without reducing your contribution room.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 upon your death without impact to the survivor’s contribution room.
  • CRA penalties of 1% per month will apply to any over-contribution.


  • RRSP contributions are tax deductible and reduce your taxable income for income tax purposes. TFSA savings are not deductible.
  • Withdrawals from an RRSP are added to your income and taxed at current rates. TFSA withdrawals and growth within the account are tax-free.

The TFSA is an ideal all-purpose savings account. It gives you total flexibility and the opportunity to save at any stage of life. If you have non-registered investments, you can use a TFSA to create a more tax-efficient investment portfolio and maximize your growth.


For more information, visit or contact one of our Moya Financial staff members.