Tax-Free Savings Account (TFSA)

A perfect account if you have big savings goals in a smaller timeframe. Withdraw anytime, tax-free.

A safe holding a bunch of stacked gold coins

A smart way to save for just about anything

Keep your growth tax-free

With a TFSA, you won’t pay taxes on any gains on your investments — it’s yours to keep.

Withdraw whenever you need to

Take money out of your TFSA any time, hassle-free. The withdrawn amount is added back to your contribution room the following year.

Save without restrictions

Use your TFSA to save for a home, education, or any big life expense. There are no limits on how you use the funds.

Get to know the TFSA


The total amount you can contribute to a TFSA (assuming you were 18 or older in 2009.) This number increases every year as the government introduces new yearly contribution limits.


Yearly contribution limit for 2024.

Unlimited carry-over

If you don’t use up all of your contribution room, it will carry forward to the next year indefinitely. For 2024, you can contribute up to $7,000 plus any unused contribution room from previous years.


The age of eligibility for a TFSA. Unlike other investment accounts, you won’t need to convert a TFSA after a certain age.

Who should open a TFSA?

A TFSA might be a good option for you if you have savings goals that require a withdrawal any time before retirement.

But even if you need the money for retirement, a TFSA might still make sense — especially if you’re making less than $50,000.

Lastly, remember that you’ll be the sole owner of your TFSA — there are no joint/spousal TFSAs.

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Ways to invest with a TFSA

Have your portfolio managed by our advisors

With Managed investing, we do the heavy lifting. Tell us your goals and timeline for your TFSA, and we’ll build you a custom portfolio with a wide range of assets across the market.

Independently trade stocks and ETFs

A Self-directed investing account gives you total control over where your money is invested. Buy and sell over 9,000 stocks and ETFs commission-free, automate your investments, and start trading right away with up to $250,000 in instant deposits.

What’s the difference between a TFSA and an RRSP?

These accounts are two common ways to save up for life’s big expenses. The good news: you don’t have to choose one or the other.




Helps you save for Big purchases or retirementRetirement
Eligibility18+18-71 years old
Annual contribution limit$7,000 for 202418% of previous years income up to $31,560
Tax impact on contributionsNoneDeducted from taxable income
Tax impact on withdrawalsGrowth and withdrawals are tax-freeTaxed as income (with some exceptions)
Contribution deadlineDecember 31 but can carry forward60 days after December 31
Government benefitsNo impact on other benefits Withdrawals may impact other government benefits based on income
Withdrawal stipulationsNoneMust withdraw to RRIF at 71

Tax-free saving made simple

Start investing in minutes

Open your account without any bank appointments or paperwork. Making your contributions (or withdrawing when the time comes) only takes a few taps.

Speak to a human any time

Questions about your TFSA? Reach out to our team 7 days a week by phone, chat, or email to get help from real, friendly, humans.

Keep more of your returns

Whether you’re picking your own stocks or letting us manage the investing, you won’t need to worry about high fees eating into your returns.

Move your TFSA to Wealthsimple, we'll give you back the transfer fees

We'll automatically reimburse the transfer-out fees charged by your brokerage when you move at least $15,000 to us. Conditions apply.

Contact our team

Make the most of your money

Open a TFSA without any paperwork or visits to a bank, and start saving for the future in minutes.