Tax Free Savings Account

  • Who Can Purchase a TFSA?

All Canadian residents 18 years of age or older who, have filed a tax return and have a valid Social Insurance Number.

Which Investments Qualify for the TFSA?

Contributions To The TFSA

Contribution limits

2017 $5,500
2016 $5,500
2015 $10,000
2014 $5,500
2013 $5,500
2012-2009 $5,000
  • Contributions to the TFSA may not be deducted from your income on your income tax return, but the interest you earn will not be taxed.
  • If you don't make the maximum contribution you don't lose the contribution room.  The unused contribution room gets carried over to the following year.  There is no limit to how much can be carried forward.
  • Each year, Canada Revenue Agency will determine your available TFSA contribution room. You can access up-to-date information about your available TFSA contibution room on the Canada Revenue Agency (CRA) website.

Withdrawals from a TFSA

  • Withdrawals are not taxable.
  • Withdrawals will not affect federal income-tested benefits and credits (e.g. OAS, GIS, EI, HST, age credit, Child Tax Benefit, Working Income Tax Benefit, and age benefit).
  • Withdrawals will increase unused contribution room after the year of withdrawal.

Beneficiary or Successor Holder

The TFSA Holder may appoint:

  • Spouse/common-law partner as successor Holder.  On the death of the Holder, spouse/common-law partner will become the Holder of the TFSA.
  • Someone other than the spouse/common-law partner as the beneficiary.  On death of the Holder, proceeds of the TFSA will be paid to the beneficiary.

For more information, visit the Government's Tax-Free Savings Account information page online at 

If you have any questions, please contact your Financial Advisor.

*Information about the Tax-Free Savings Account is based on what is currently available from the Canadian Government.

** Mutual funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, managment fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Their values change frequently and past performance may not be repeated.


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