Tax-free savings account (TFSA)

Tax-free savings account (TFSA) is a program for Canadians over 18 years or older to save money aside tax-free for the future. 

Any amount contributed as well as any income earned in the account (for example, investment income and capital gain) is generally tax-free, even when it is withdrawn.

Unlike an RRSP, contributions to a TFSA are NOT deductible for income tax purpose.

Administrative or other fees in relation to a TFSA are NOT tax deductible. Any interest on money borrowed to contribute to a TFSA is NOT tax deductible either.

Management fees related to a TFSA trust paid by the holder are not considered to be contributions to the TFSA. The payment of investment counsel, transfer, or other fees by a TFSA trust will not result in a distribution (withdrawal) from the TFSA trust.

The TFSA program began in 2009.

Tax-Free Savings Account (TFSA) contribution room by year

Liberals roll back TFSA contribution limits

How the tax-free savings account (TFSA) works?

What kind of investments can I hold in a TFSA?

Tax free savings account (TFSA) for non resident


Additional information