Tax-Free Savings Account
Put your money to work and earn tax free investment income with a Tax Free Savings Account (TFSA).
Speak with usWhy Invest in a TFSA
TFSAs offer you the flexibility and control to save for short and long-term goals, such as a car, going vacation, wedding, or buying a home.
- Your investment grows TAX FREE!
- Your contribution room carries forward year over year.
- You get one free withdrawal per month. The amount of the withdrawal can be contributed back the next year.
- You can contribute to a spouse’s TFSA without impacting your own contribution room.
- Your investment income can include savings options, interest, dividends and capital gains.
Contribution limits are indexed to inflation (at $500 thresholds).
Deposits can be made through automatic transfer through online banking, in-branch or with 1-877-WESTOBA.
Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.
Who is it for?
To contribute to a TFSA, you must be a Canadian resident who is at least 18 years old and has a Social Insurance Number (SIN). Even foreign citizens who are resident in Canada qualify, though their home country rules may subject a TFSA to tax.
Unlike RRSPs which prohibit contributions after age 71, there is no upper age limit for TFSAs.