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Open TFSA (Tax-Free Savings Account)



  • The introduction of the TFSA in Canada is becoming popular as an investment vehicle that allows Canadians to earn Tax Free Growth on their investments.
  • It is available to anyone who is 18 years of age or older and who has a valid Canadian Social Insurance Number (SIN).
  • In 2015 $10,000 per year could be contributed to the account.
  • In 2013 and 2014 $5,500 per year could be contributed to the account.
  • In 2009, 2010, 2011, and 2012 $5,000 per year could be contributed to the account.
  • Unused contribution room is carried forward to future years.
    • Example 1:
      If a person qualified to contribute from 2009 and has not deposited any funds then that person could contribute up to $41,000 in 2015.
  • Any growth inside of a TFSA will not be taxed and in turn any contributions to a TFSA or capital losses within a TFSA will not be tax deductible.
  • Withdraws will not trigger any capital gains tax, income tax nor dividend tax. (TFSA's are not subject to taxation)
  • Any amount withdrawn in a given year will be carried forward as contribution room for the next year. For example: (Matthew) contributed $5000 in 2011 then withdrew $3000 later that same year. In 2012 Matthew will be able to contribute $8000. This amount includes $5000 for 2012 and $3000 that was withdrawn in 2011.
  • For more information and support from CRA visit:

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Last Update: Feb 2013