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A TFSA is an account that you can put a variety of different investment types in, and enjoy tax-free growth.
     Cash, Savings account, GIC, Stock, Bond, Mutual Fund, Seg Fund, ETF, etc.



Any Canadian who is 18 years or old, and has a valid social insurance number can open a TFSA. 
Regulations about non-residents can be found here.


Contribution limits increase each year. Currently, an additional $5,500 of extra room is added each year. Contribution room increases with inflation.


If you haven't been using a TFSA, it's ok, your contribution room has been growing since you turned 18.


You can withdraw money from a TFSA at any time, without a penalty.

When you take money out, you can re-contribute the next year on top of the annual maximum.

This makes it an attractive option to save for short-term goals, but when TFSA is maxed out, usually money saved for short-term goals should be moved into a taxable account first. This is because higher growth investments will have a bigger tax burden, so they benefit more from the tax free savings account.

If you are managing your own TFSA investments, be aware that US stocks and US-based funds may be subject to dividend withholding taxes because the TFSA isn't recognized in our tax treaty.



A tax free savings account is an attractive investment vehicle. It is often the first tax-advantaged account you will want to open.



Learn more about choosing between a TFSA and RRSP here.



Tax Free Savings Account

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