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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.
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