This investment is for you if:

  • You want to grow your savings.
  • You want to save for a vacation or large project.
  • You want to reduce your taxable interest income.

Investment Features

  • Since 2009, Canadians aged 18 and older have been able to invest the annual contribution limit and shelter the investment income from taxes.
  • Contributions to a TFSA are not deductible for income tax purposes.
  • Unused TFSA contribution room can be carried forward to future years.
  • You can withdraw funds from the TFSA at any time for any purpose.
  • The amount withdrawn can be invested back in the TFSA in the following year or at a later date without reducing your contribution room.
  • Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits.
  • Upon death, the TFSA can be transferred to a spouse’s TFSA if designated as the Successor Holder.
  • Over-contributions above the annual contribution limit are subject to tax of 1% per month.  In addition, any income attributable to a deliberate over-contribution will be taxed at 100%.

The Annual TFSA Contribution Limits are as follows:

2009 – 2012        $5,000
2013 – 2014        $5,500   
2015                    $10,000
2016                    $5,500
2017                    $5,500
2018                    $5,500
2019                    $6,000
2020                    $6,000

Total Lifetime Contribution To Date:   $69,500

Additional Information

  • Investment income earned in a TFSA will not be taxed allowing you to enjoy every dollar earned!
  • TFSA provides maximum flexibility in savings management.  No penalties or tax consequences makes this savings vehicle suitable for many purposes.
  • The contribution carry forward feature provides a no worry benefit about losing contribution room if you are unable to contribute in a certain calendar year.

What You Need

Opening an account with us is simple. You will need to bring 2 pieces of valid, non-expired government issued identification.

Accepted primary forms of ID include Drivers’ License, Canadian Passport, Ontario Photo Card and a Birth Certificate.

Accepted secondary forms of ID include non-expired Credit Cards, Status Card, Fire Arms License and a Permanent Resident Card.

Canada Revenue Agency will register a TFSA when the surname, SIN and birthdate match the CRA records.  If one of these items does not match the CRA records, the TFSA cannot be registered.
*You are required to provide your Social Insurance Number to open a TFSA.

Ready to invest? Contact a Financial Advisor today!


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TFSA Rates (Rates effective 2020-04-06)
Daily Savings TFSA 0.65%
1 Year 1.25%
2 Year 1.30%
3 Year 1.35%
4 Year 1.40%
5 Year 1.50%
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Your Guide to TFSAs