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Eligibility
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Eligibility
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- A resident of Canada
- 18 years of age
- Valid Social Insurance Number
* No maximum age restriction
Contributions
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Contributions
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- Each year contribution limits are announced by the government.
- Unused contribution room carries over year to year.
* It is important to keep in mind there are penalties for over contributing to your TFSA.
The current lifetime contribution limit, including 2024 contribution limit, is $95,000. (If you were 18 years or older in 2009)
Withdrawals
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Withdrawals
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Depending on the type of product you have invested in, you can generally withdraw any amount from the TFSA at any time. However, withdrawing funds from your TFSA does not reduce the total amount of contributions you have already made for the year.
If you've made any withdrawals from your TFSA, that contribution room becomes available again the year after you made the withdrawal.
Key Product Features
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Key Product Features
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A TFSA is a government approved savings plan that allows contributions to be made based on predetermined limits by the government. Any investment income and capital gains are not taxed, even when withdrawn. There are a number of investment options within a TFSA plan so that you can maximize the benefit for your future needs.
Individuals who are a resident of Canada that are 18 years old with a valid Social Insurance Number can invest in a TFSA. There is no maximum age restriction.
A TFSA is an excellent registered investment vehicle, offered by the Government of Canada. A TFSA allows you to hold a variety of qualified investments; including cash, mutual funds, stocks, guaranteed investment certificates, bonds and more.
A TFSA offers tax-free growth. When you open a TFSA you are investing after-tax income. Therefore, when you make a withdrawal, no matter the growth your TFSA has seen, you will pay no tax.
With a TFSA your unused contribution room will never disappear, carrying over from year to year.
Contribution limits are announced by the government each year. If you have unused contribution room, it will carry over year to year. It's important to keep in mind that there are penalties for over contributing to your TFSA. This contribution limit applies to all TFSA's combined (if you have more than one in place.)
The current lifetime contribution limit, including 2024 contribution limit, is $95,000. (If you were 18 years or older in 2009)
See below for year to year TFSA limits:
| Year |
Limit |
|
2024
2023
2022
2021
2020
|
$7,000
$6,500
$6,000
$6,000
$6,000
|
| 2019 |
$6,000 |
| 2018 |
$5,500 |
| 2017 |
$5,500 |
| 2016 |
$5,500 |
| 2015 | $10,000 |
| 2014 | $5,500 |
| 2013 | $5,500 |
| 2012 | $5,000 |
| 2011 | $5,000 |
| 2010 | $5,000 |
| 2009 | $5,000 |
The Government of Canada website can help you learn more about your contribution limits for the current year.
You can withdraw funds from your TFSA at any time. Unlike a RRSP, there are no penalties for withdrawing money before a certain date. Withdrawals can be made at any time depending on the product you have invested in and the maturity date of that product.
If you've made any withdrawals from your TFSA, that contribution room becomes available again the year after you made the withdrawal.