What is a TFSA?
A Tax-Free Savings Account (TFSA) is a registered account designed to help you save for your goals—long- or short-term, big or small—with high interest and zero tax on your investment growth or withdrawals.
Grow your savings, tax free.
Tax-free withdrawals.
No fees or minimum balance.
Is our TFSA right for you?
It’s right for you if:
- You’ve reached the age of majority in the province you reside.
- You need an all-purpose solution with the flexibility to save for many goals in one account.
- You expect to have annual contribution room that’s not based on your earned income.
- You want your savings to grow over time tax-free, with the ability to withdraw your money whenever you need it.
- You’re looking for an account that’s eligible for CDIC protection.
- You're looking for a completely digital banking experience.
It’s not right for you if:
- You don’t have available TFSA contribution room.
- You want to make tax-deductible contributions.
How do TFSAs compare to RRSPs?
| Account Details | TFSA | RRSP |
|---|---|---|
If you're saving for... | Vacation, emergency fund, etc. | Retirement |
2026 tax year contribution deadline | December 31, 2026 | March 1, 2027 |
2026 tax year contribution limit | $7,0001 | Get limit info |
Are contributions tax-deductible? | No | Yes |
Are withdrawals taxed? | No | Yes |
| Explore RRSP |
