Tax Free Savings Accounts

A Tax Free Savings Account (TFSA) allows individuals to earn tax-free investment income on their savings. It is an ideal account for Canadians looking to save for everything from emergency funds to a down payment on a home.

 More information is also available through Revenue Canada.

TFSA features Expand/Collapse

  • Canadians aged 18 and older can contribute up to $6,000 per year in a TFSA (as of January 1, 2019)
  • Unused TFSA contribution room can be carried forward to future years
  • Contributions are not eligible for deductions for income tax purposes, but earnings on the investment, including capital gains earned in a TFSA, will not be taxed, and can be withdrawn at any time for any purpose
  • Neither income earned within a TFSA nor withdrawals from it affect eligibility for federal income-tested benefits and credits, such as Old Age Security, the Guaranteed Income Supplement, and the Canada Child Tax Benefit
  • The amount withdrawn can be put back in the TFSA at a later date without reducing your contribution room
  • Unused contribution room will be reported on the annual CRA Notice of Assessment

Contribution limits Expand/Collapse

Your TFSA contribution room is the maximum amount that you can contribute to your TFSA. This amount has changed over the years. 

Starting in 2009, your TFSA contribution room accumulates every year, if you meet the following conditions:

  • at any time in the calendar year you are 18 years of age or older, and
  • you have a valid Canadian social insurance number and are a resident of Canada.

You will accumulate TFSA contribution room for each year even if you do not file an income tax and benefit return or open a TFSA.

  • The annual TFSA dollar limit for the years 2009, 2010, 2011 and 2012 was $5,000.
  • The annual TFSA dollar limit for the years 2013 and 2014 was $5,500.​
  • The annual TFSA dollar limit for 2015 was $10,000
  • The annual TFSA dollar limit for 2016, 2017 and 2018 is $5,500
  • The annual TFSA dollar limit for 2019 is $6,000
  • As of 2018, the maximum total contribution room will therefore be $57,500
  • As of 2019, the maximum total contribution room will therefore be $63,500​

Eligible products Expand/Collapse

Tax-free eligible products at G&F Financial Group include a variety of competitive and attractive term deposits and our Tax Free Investment Account. With both short and long term options, we can help you find ways to optimize your retirement as well as TFSA savings.