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Tax-Free Savings Accounts

Accelerate your savings for any goal with tax-free growth, flexible contribution room and ways to invest that fit your unique needs.

Achieve your financial goals faster with tax-free investing

 

Use it for any savings goal

Be it a vacation, an emergency fund or income for your retirement, use your TFSA for next year – or down the road.

Easy access when you need it

Withdraw your money when you need to, without paying taxes or fees – and get your contribution room back for future years.

Growth, minus capital gains tax

You contribute with after-tax dollars, so you can benefit from tax-free growth on your investment returns.
 
 
  • TFSAs can be used to save for any goal you choose.
  • Contributions are not tax deductible.
  • You don’t pay tax on capital gains or other investment income.  
  • Any Canadian aged 18 or older can save and invest using a TFSA.
  • You don’t have to earn income to be able to contribute.
  • You earn contribution room without having to file a tax return. 
  • Contribution limits vary by year.
  • Unused contribution amounts can be carried forward to future years.
  • You’re charged a penalty for contributing more than your limit.
 
  • Contribution limits are indexed to inflation and increase every few years.
  • If you were 18 years old or older in 2009, your maximum contribution limit for 2024 is $95,000.
Years Contribution Limit
2009-2012 $5,000
2013, 2014  $5,500
2015 $10,000
2016-2018 $5,500
2019-2022 $6,000
2023 $6,500
2024 $7,000
If you contribute too much to your TFSA, the Canada Revenue Agency will charge a penalty of 1% until you withdraw the excess amount.  

If you over-contribute on purpose, any investment gains are taxed at 100%.
 

Grow your savings with investments that suit your goals

Term Deposits

Enjoy guaranteed returns and the knowledge that your deposit is 100% protected.
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Mutual Funds

Benefit from diversified growth with a professionally managed investment portfolio.
Learn more
Explore TFSA rates
 

Invest with expert advice

Let our team of local experts walk you through your investment options and create a plan that suits your needs.

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Invest on your own

Prefer to manage your own investments? Qtrade Direct Investing®2 makes buying, selling and rebalancing easy.

Explore online investing
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Ready to open an account?

Let our team help you get started.
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Top up savings with a TFSA Loan

With our investment loans, you can maximize the benefits of tax-free growth at competitive borrowing rates.

Explore TFSA and RRSP Loans

Save for retirement

Whether your retirement is now or some far-off tomorrow, make the most of your investments with our registered plans. 

Explore RRSPs and RRIFs
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Try our investment calculators

See how you’re progressing against your financial goals with our easy-to-use calculators.

Crunch the numbers
 
1All eligible deposits with B.C. credit unions are fully protected by the Credit Union Deposit Insurance Corporation of British Columbia (CUDIC).
2Online brokerage services are offered through Qtrade Direct Investing. Mutual funds and other securities are offered through Aviso Wealth. Qtrade Direct Investing and Aviso Wealth are divisions of Aviso Financial Inc.Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. 



 

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