Tax-Free Savings Account (TFSA)

The Tax-Free Savings Account (TFSA) is an account in which residents of Canada can set money aside and watch the savings grow tax-free. Since 2009, eligible contributors can deposit to their TFSA every year. The annual TSFA dollar limit for 2013 is $5,500.

The TFSA complements existing registered savings plans like the Registered Retirement Savings Plans (RRSP) and the Registered Education Savings Plans (RESP).

Delivered by: Department of Finance Canada

Eligibility Information

To open a TFSA, individuals must meet the following requirements:

  • be at least 18 years of age
  • have a valid social insurance number
  • reside in Canada

Application information

A TFSA is set up through a financial institution such as a bank, caisse populaire or a credit union or insurance company (issuer).

Additional information

More information can be found on the Tax-Free Savings Account (TFSA) Web site.

Contact Information

For enquiries related to Tax-Free Savings Accounts, please contact the Canada Revenue Agency.