Tax-Free Savings Account (TFSA)

A Tax-Free Savings Account (TFSA) is a registered savings account that lets you grow and withdraw your money tax-free, making it a great option when saving for short and long-term goals. The TFSA was introduced by the Government of Canada in 2009. It was designed to help Canadians that are 18 years or older save money tax-free.

Benefits of TFSAs

Tax-free growth and withdrawals

You pay no tax on qualified investment income that you earn in your TFSA and you can withdraw funds from your TFSA without paying tax.
Not just a savings account

Your TFSA can hold a variety of qualified investments, including cash, stocks, guaranteed investment certificates (GICs) and mutual funds.
A flexible way to save

Withdrawing from your TFSA does not mean permanently losing your contribution room. Contribution room accumulates each year, so you can
re-contribute withdrawn contribution amounts in the following year(s).
Comfort and convenience

A TFSA offers you the flexibility to save for various short-term and long-term goals, usually, with easy access to your money depending on the type of investment you hold.

How does a TFSA work?

You can think of a TFSA like a basket, where you can hold qualified Canadian investments that may generate interest, capital gains, and dividends, tax-free.
What products can you hold in a TFSA?

Your TFSA can hold a variety of investment products, including cash (like a savings account), mutual funds, stocks, bonds, and GICs.
How much can I contribute to my TFSA?

The annual TFSA contribution limit for 2024 is $7,000 and you can carry forward unused contribution room from previous years.

Investment Accounts

We offer several investment options within the TFSA, suited to your needs, based on your investment goals and risk appetite. See which account may be right for you.

TD Mutual Funds TFSA

Gives you access to certain mutual funds offered through TD Investment Services Inc.

Benefit from professionally managed mutual fund investments

Flexible savings options through a Pre-Authorized Purchase Plan

Great for: Investors comfortable with some risk.

TD Mutual Funds TFSA Book an appointment
TD Canada Trust TFSA

Gives you the option of investing in GICs while maintaining a High-Interest TFSA Savings Account

Access to competitive interest rates to grow your savings tax-free

Benefit from predictable returns

Great for: Investors seeking reliable growth.

TD Canada Trust TFSA -Open account secure Open account
TD GICs

Fully protects your principal, with the option to choose from fixed-rate or Market Growth GICs

Access to a variety of GICs with different terms and features

Earn a guaranteed rate of interest

Great for: Investors who don't want to risk their principal.

TD GICs and Term Deposits -Open account secure Book an appointment
TFSA at TD Direct Investing

Self-directed accounts

Power to select your investments and take advantage of market opportunities in Canada and the US.

Flexibility to hold a range of investment products in one account

Great for: Investors looking to manage their investment strategy and portfolio.

TFSA at TD Direct Investing Apply online

We can help you plan for the future

Personalized investment advice

TD Personal Bankers will work with you to understand your financial goals and help you map a path towards achieving them.
The right options

No matter what type of investor you may be, we’re ready with options to help you succeed.
Convenience

The advice you want, on your terms. Call us Monday to Friday from 8 am – 8 pm to speak to an Investment Specialist in English, French, Mandarin or Cantonese.

TFSA Calculator

See how investing in a TFSA can help you achieve your financial goals faster.

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Frequently Asked Questions

Once you have your TD EasyWeb access set up, you can open a TD Canada Trust TFSA through TD EasyWeb. You can apply online if you already have a TD Canada Trust chequing or savings account. Once your account is open, you can make regular contributions online.
Call us at 1-800-386-3757 if you want advice. Our Investment Specialists are ready to provide investment advice that aligns with your goals.
You could also visit a branch near you. We recommend booking an appointment ahead of time.

Every year, the government calculates how much TFSA contribution room you have available. You could log into the Canada Revenue Agency (CRA) website to view your TFSA contribution room in the "My Account" section.

If you withdraw funds from your TFSA, you can re-contribute the amounts you have withdrawn the following calendar year and you could carry forward your contribution room indefinitely.

Articles and tips to help you get started

TFSA vs. RRSP: What’s the difference?

Should you invest in an RRSP or TFSA? Explore your savings and investing options by comparing the two and start saving for your future!
What is a TFSA?

Better understand how a Tax-Free Savings Account (TFSA) may help you reach your financial goals.
TFSA contribution & withdrawal limits rules

Thinking about investing in an TFSA? Understand how your TFSA contribution limit works to make the most of your plan.

See more articles

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