Tax-Free Savings Account
Put your money to work and earn tax free investment income with a Tax Free Savings Account (TFSA). Whether you have short or long-term goals, this investment offers flexibility and control.
What is it?
This investment product was created in 2009 by the Government of Canada to help Canadians save more by eliminating the income tax payable on investment income earned within the plan.
Who is it for?
All Canadians over the age of 18 with a valid Social Insurance Number (SIN). You can start contributing the year you turn 18.
What are the benefits?
- Your investment grows TAX FREE!
- Your contribution room carries forward year over year.
- Withdrawals can be made at any time. 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).
- Deposit (variable and fixed plans) or mutual fund plans available.
- Deposits can be made through automatic transfer through online banking, in-branch or with 1-877-WESTOBA.
Figure out your eligible contribution room at www.cra-arc.gc.ca.
Check out our TFSA brochure for more information.