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Account Highlights
With a self-directed TFSA from TD Direct Investing, you'll have the power to select your investments and take advantage of market opportunities in Canada and the US.
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Grow your investments tax-free
Whether capital gains, dividends, or interest, your investment growth is not taxed. -
Pay no tax on withdrawals
Withdraw your money at any time1 without incurring tax. -
Catch up on unused contribution room
Carry unused contribution room forward into future years.
TFSA vs. RSP
Whether you're saving for retirement, homeownership or education, both RSPs and TFSAs can be a good option.
TFSA |
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Primary purpose |
Investing for any goal |
Retirement |
Annual contribution limit |
18% of previous year’s earned income (maximum limits apply), less pension adjustments |
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Contributions |
Not tax-deductible |
Tax-deductible |
Unused contribution room |
Carried forward |
Carried forward |
Growth |
Tax-free |
Tax-deferred |
Withdrawals |
You’re not taxed on 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Funds that are withdrawn are charged a prescribed withholding tax at the time of withdrawal, but will be ultimately taxed as income at your marginal rate.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Withdrawn amounts |
Added to contribution room in future years |
Contribution room is lost for amounts you withdraw |
There's more than one way to invest tax-free
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Options
Basic options trading including covered calls, long calls and puts.
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Fixed Income
Selected investments include bonds and other fixed-income products. -
GICs
Secure investments that promise a defined amount at the end of their term.
TFSA Articles
Open an account online – it's fast and easy
Whether you're new to self-directed investing or an experienced trader, we welcome you.