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What are the advantages of saving in a Tax-Free Savings Account (TFSA)?
The TFSA is a great way to save for a wide range of goals. You can use your TFSA savings to buy a new car, pay for school, take a vacation, or put money away for a down payment on a home, or even your retirement. You can access your money tax-free anytime1 and re-contribute amounts that you withdraw beginning in the year after you withdraw the funds.
The TFSA is a flexible registered savings plan that allows you to save without paying tax on your investment income or withdrawals. You can contribute up to $5,500 a year and carry forward unused contribution amounts indefinitely.
If you are a Canadian resident and have reached the age of majority in your province or territory of residence, you are eligible to open a Tax–Free Savings Account (TFSA) with TD. If the age of majority is 19 where you live, you’ll accumulate contribution room from age 18.
Visit our Tax-Free Savings Account information page to learn more.
Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.