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.

Account 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  • The amount withdrawn can be invested back in the TFSA in the following year or at a later date without reducing your contribution room.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
2021 $6,000

Total Lifetime Contribution To Date: $75,500

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.
  • Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority of Ontario (FSRA)

Opening an Account

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 2020-12-14)
Daily Savings TFSA 0.30%
1 Year 0.50%
2 Year 0.60%
3 Year 0.70%
4 Year 0.80%
5 Year 1.00%
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Your Guide to TFSAs