Tax-Free Savings Account (TFSA)

Set a goal and start saving for it—with a TD GoalAssistTM TFSA.

Account Highlights

With a TD GoalAssist TFSA1, you'll have the power to select investments and build your plan

  • You can build your investments tax-free
    A tax-efficient way to build your account through investment growth, dividends, or interest.
  • Pay no tax on withdrawals
    Withdraw your money at any time3 without incurring tax.
  • Catch up on unused contribution room
    Carry unused contribution room forward into future years.
  • No U.S. or Canadian currency conversion costs
    With both the Canadian and U.S. dollar components of a TFSA, you can trade in the currency of the stock or ETF without worrying about currency conversion costs related to these currencies. If you don't have sufficient funds, you would incur a currency conversion cost.

TFSA vs. RRSP

Whether you're saving for retirement, homeownership or education, RRSPs and TFSAs can help. Review our comparison chart to understand the differences.

TFSA

Primary purpose

Investing for a goal
Annual contribution limit

$6,0004 PLUS amounts accumulated or withdrawn in previous years5
Contributions

Not tax-deductible
Unused contribution room

Carried forward
Growth

Tax-free
Withdrawals

You’re not taxed on withdrawals
Withdrawn amounts

Added to contribution room in future years
Primary purpose

Retirement
Annual contribution limit

18% of previous year’s earned income (maximum limits apply), less pension adjustments
Contributions

Tax-deductible
Unused contribution room

Carried forward
Growth

Tax-deferred
Withdrawals

Funds that are withdrawn are charged a prescribed withholding tax at the time of withdrawal, but will be ultimately taxed as income at your marginal rate. This may affect government benefits such as old age security.
Withdrawn amounts

Contribution room is lost for amounts you withdraw

There's more than one way to invest in your TFSA

  • Stocks
    Invest in selected shares from companies listed on six North American exchanges.
  • TD ETFs
    The TD ETF (Exchange-Traded Fund) lets you invest in a collection of securities across different geographic regions or industries based on specific investment strategies

Important Account Information

Let's get started

Whether you’re new to investing or have some experience, we'll get you going in the right direction with your TD GoalAssist account.

Back to top