Tax-Free Savings Account (TFSA)

Worrying about your finances shouldn’t keep you up at night. Grow your money tax-free and take it out whenever you want without penalty.

Special offer tag

Earn up to $350* with a new eligible TFSA and RRSP

Here's how it works:

Earn $150

  • Open an eligible TFSA or RRSP.
  • By February 29, 2024, make a minimum deposit of $3000 in either your new eligible RRSP or TFSA and maintain it until May 31, 2024.
  • By February 29, 2024 set up a recurring pre-authorized contribution (PAC) of at least $50 per month in any of your eligible RRSP and TFSA for minimum of 3 consecutive months by May 31, 2024.

Earn $350

  • Open an eligible TFSA and RRSP.
  • By February 29, 2024, make a minimum deposit of $3000 in both your new eligible RRSP and TFSA (for a total minimum of $6000 combined) and maintain it until May 31, 2024.
  • By February 29, 2024 set up a recurring pre-authorized contribution (PAC) of at least $50 per month in any of your eligible RRSP and TFSA for minimum of 3 consecutive months by May 31, 2024.

Start earning while you save now


Why invest your money in a TFSA

A TFSA (Tax-Free Savings Account) is a registered savings plan that lets you grow and withdraw your money, tax-free, making it a great option when saving for short and long-term goals.


Tax-free savings and withdrawals

You pay no tax on any investment income you may earn in your Tax-Free Savings Account (TFSA) and you can withdraw funds from your TFSA without paying tax.

What is a TFSA?

A TFSA is an all-purpose savings account that offers the flexibility to save for many goals in one account. Your savings grow over time tax-free, and you can withdraw your money whenever you need it.

How do you invest inside a TFSA?

Your TFSA is a registered account that can hold a variety of savings and investment products within that account, such as cash, GICs, mutual funds, and even stocks and bonds. 

What about contribution limits?

Every year you gain contribution room in your TFSA. As of January 2023, you can contribute $6,500 annually in your TFSA, plus any unused contribution amount you may have accumulated. However, it’s important to make sure you don’t over-contribute.2

Is this Registered Plan right for you?

Right for you if you:

  • Have reached the age of majority in the province where the account is set up
  • Need an all-purpose solution that offers the flexibility to save for many goals in one account
  • Expect to have room to contribute based within the limit set out by the American Government
  • Want your savings to grow over time tax-free with ability to withdraw your money whenever you need it

May not be right for you if you:

  • Do not have available TFSA contribution room
  • Want to be able to make contributions that can be tax deductible – if so, consider a Registered Retirement Savings Plan

Start saving today, tax-free.

A dedicated savings vehicle that's specially designed to give you extra tax benefits in exchange for saving money.

TFSA contribution amounts

Year Amount Total
2023 $6,500 $88,000
2022 $6,000 $81,500
2021 $6,000
$75,500
2020 $6,000
$69,500

As a tax resident of the United States of America, if you are at least 18 years of age and have reached the age of majority in the province where you set up the account, you could contribute up to $88,000 if you opened a TFSA in 2023.

Speak with an advisor for additional information.

Building your TFSA

Guaranteed Investment Certificates (GICs)

A worry-free investment product that keeps your principal investment safe and has a guaranteed rate of return. 

Savings Accelerator Account

Earn a competitive interest rate on your money as it grows, with no monthly account fee. 

 

Available in registered§ and non-registered plans.

WestonFunds® Portfolio Solutions

Our Portfolio Solutions offer a diversified mix of mutual funds in the convenience of single investment to help you grow your savings while carefully managing risk.  Whether you are seeking regular income or long-term growth, there’s a portfolio solution designed to help you achieve your goals.

Mutual Funds

Mutual funds deliver instant diversification and professional money management in a cost-effective and convenient solution.

Talk to a Weston advisor today

We have qualified experts available 24/7 to answer your questions and otherwise assist you.

Not just a savings account

Your TFSA can hold a variety of qualified investments, including cash, stocks, guaranteed investment certificates (GIC's) and mutual funds.

If you withdraw from your TFSA, you don't permanently lose your contribution room. You can re-contribute amounts you have withdrawn in the following year (or years).

A TFSA offers you the flexibility to save for various short-term and long-term goals, usually, with easy access to your money depending on the type of investment you hold.