Tax-free savings to grow your money
Grow your money tax-free and use your savings whenever you want. Save for your short or long-term goals and use it toward things like a vacation, wedding, or your retirement.
Key benefits:
- Save for short or long-term goals
- Withdraw without penalty
- Enjoy tax-free investment returns
- Catch up on unused contributions any time
- Invest with a variety of options
Key features:
- Contribute up to your annual limit
- Unused annual contributions carry forward
- If you withdraw, you can recontribute the following year
Saving & investing
Get the lowdown on TFSAs
A TFSA (Tax-Free Savings Account) is a registered savings plan that lets you grow and withdraw your money, tax-free. You won’t be taxed on the interest and income earned when you withdraw funds.
- Get started with TFSAs
- How to invest through a TFSA
- Making the most of your contributions
Smart investing
What can you invest in a TFSA?
Include different types of investments in your TFSA to make the most of your money, including:
- High-interest savings account
- Term deposits
- Mutual funds
- Securities
TFSA vs RRSP
Tax-Free Savings Account vs Retirement Savings Plan
A TFSA is a savings option that allows you to access funds, without penalty, when you need them. While an RRSP is more of a long-term savings option for retirement, where early withdrawals are taxed.
Tax-Free Savings Account:
- Designed to save for short or long-term goals
- A registered savings account
- Free to withdraw at any time with no penalties
- No tax on interest earned
Retirement Savings Plan:
- Investment income earned can grow tax-deferred
- Tax breaks for annual contributions
- No tax on earnings
- Contribute to a spousal RRSP
Explore tax-free savings
Use our TFSA calculator to help you determine the financial benefits of investing through TFSAs, and then start saving.
These calculators are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please visit your branch to seek personalized advice from qualified professionals for all personal finance issues.
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