A Tax-Free Savings Account (TFSA) is one of the best ways for Canadians to save and invest. Any income earned in your TFSA - including interest, dividends, and capital gains - is completely tax-free, even when you withdraw it.
2026 TFSA Contribution Limit: $7,000
Cumulative Lifetime Limit (since 2009): $95,000
Cumulative Lifetime Limit (since 2009): $95,000
Key Benefits of a TFSA
Tax-Free Growth
All investment income earned inside your TFSA grows completely tax-free.
Tax-Free Withdrawals
Withdraw your money anytime without paying any tax. No penalties.
Re-Contribution Room
Withdrawn amounts are added back to your contribution room the following year.
Flexible Investments
Hold stocks, bonds, mutual funds, ETFs, GICs, and more inside your TFSA.
TFSA vs RRSP: Which is Right for You?
- TFSA: Best if you expect to be in a higher tax bracket in retirement, or need flexible access to your money
- RRSP: Best if you want immediate tax deductions and expect to be in a lower tax bracket in retirement
- Both: Many Canadians benefit from using both accounts strategically
Who Can Open a TFSA?
- Canadian residents 18 years or older
- Valid Social Insurance Number (SIN)
- No income requirement - even if you have no earned income
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