Tax-Free Savings Accounts (TFSAs)
TFSAs were created to help Canadians save and grow their money outside their RRSPs while earning tax-free investment income.
What is a TFSA?
A TFSA lets Canadians aged 18+ save and invest tax-free. Annual contribution limits apply, and unused room carries forward. Withdraw anytime without tax, and recontribute in future years. TFSA activity won’t affect government benefits, and you can invest in GICs, mutual funds, term deposits, or savings.
How to Invest
You can invest your TFSA in a variety of options depending on your goals and comfort level. Choose stable choices like GICs or high-interest savings accounts, or aim for long-term growth with mutual funds.* If you prefer managing your own portfolio, you can also invest your TFSA online with Qtrade.**
Contribution Amounts
| YEAR | CONTRIBUTION LIMIT |
|---|---|
| 2026 | $7,000 |
| 2025 | $7,000 |
| 2024 | $7,000 |
| 2023 | $6,500 |
| 2022 | $6,000 |
| 2021 | $6,000 |
| 2020 | $6,000 |
| 2019 | $6,000 |
| 2018 | $5,500 |
| 2017 | $5,500 |
| 2016 | $5,500 |
| 2015 | $10,000 |
| 2013/2014 | $5,500 |
| 2009-2012 | $5,000 |
FHSA vs. RRSP vs. TFSA
Understanding the difference between Registered Savings Accounts is an important step towards securing your financial future. These acronyms may seem intimidating, but fear not; we’re here to simplify them for you.
Libro offers many investment options to help your TFSA contributions grow tax-free. Even better, we help you create strategies to find balance between RRSP contributions, RESP contributions, TFSA contributions and contributing to your need for new shoes, a new truck or the odd night out for dinner from time to time.
*Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual funds and other securities are not insured nor guaranteed, their values change frequently and past performance may not be repeated.
**Online brokerage services are offered through Qtrade Direct Investing. Qtrade Direct Investing and Qtrade Guided Portfolios are divisions of Aviso Financial Inc.