Tax-Free Savings Account

As the most recent addition to Canadian investment vehicles, TFSAs were created in 2009 as a way for Canadians to accumulate savings and earn tax-free investment income. Residents of Canada (age 18 and older) with a valid SIN.


  • TFSA contributions are not tax-deductable.
  • Investment income and withdrawals are tax-sheltered.
  • Like RRSPs, unused contribution room can be carried forward and used in future years.
  • Type of investment fund is your choice, with options ranging from Segregated Investment Funds to Guaranteed Investment Certificates (GICs).


Over-contributions to your TFSA are subject to a 1% tax on the highest excess amount per month.