A Tax-Free Savings Account is an account that provides tax benefits for saving in Canada. Investment income, including capital gains and dividends, earned in a TFSA is not taxed in most cases, even when withdrawn.

Individuals who are 18 and older can set aside money tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes.

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income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn. 

Administrative or other fees in relation to TFSA and any interest or money borrowed to contribute to a TFSA are not deductible.


Contributions, withdrawals and transfers:

  • You can contribute up to your TFSA contribution room. A tax applies to all contributions exceeding your TFSA contribution room.
  • Withdrawals will be added to your TFSA contribution room at the beginning of the following year.
  • You can replace the amount of the withdrawal in the same year only if you have available TFSA contribution room.
  • Direct transfers must be completed by your financial institution.


You Need Advice & We Can Help

Professional advice is very important before purchasing a TFSA. Let us help you with this important investment decision.


We have the expertise to make your decision making simple and well informed.

Contact us today for your no obligation consultation.

Contact Us Today

To learn more about our products and services fill out this form or call us at 905-499-3617 or 1-800-388-3031.