A Tax-Free Savings Account (TFSA) is a tax-advantaged savings plan in which you can save or invest up to $6,000 in 20201.
Choose the right plan to help you reach your goals faster.
Discover the benefits of flexible, tax-free withdrawals and penalty-free re-contributions.
Choose the right investment vehicle for you, from mutual funds to GICs, and more1.
If you already have a TD Canada Trust account, you can fill out an application online.
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1 Annual contribution limit for 2019 is $6,000. Annual contribution limit from 2016 to 2018 was $5,500. Annual contribution limit for 2015 was $10,000. Annual contribution limit from 2013 to 2014 was $5,500. Annual contribution limit from 2009 to 2012 was $5,000. Annual TFSA contribution limit subject to change by the federal government.
Tax-Free and taxable investment results are approximations and do not reflect actual returns
Taxes are based on the annual income entered plus any compounded growth assuming no other deductions, credits, or earnings.
The initial contribution is immediate and then the incremental contributions are at the start of the "next" recurring period. (Example: customer contributes $1000 today and sets up a monthly recurring payment. The first recurring contribution does not hit the account until the first day of the second month).
Taxes are applied at the end of each year and no withdrawals are made from the account including tax which is assumed to be paid from an external account.
The growth shown is pre-tax within the TFSA savings calculations while the non-registered accounts balance applies the 2019 federal and provincial/territorial tax rates.
Taxes are an approximation and may not include surtax or other special levies such as provincial health premiums. Your actual tax rate may vary. Other registered plans are not considered (i.e., RRSP, RESP, RIF, etc.)
Interest rate: Default 5.00%, range 0.00% - 15.00%
Timeline: Default is 10 years, range from 1 - 50 years