TFSA: Tax-Free Savings Account

At a glance

What is a Tax-Free Savings Account (TFSA)?

A TFSA is a government-registered account that allows you to grow your savings tax-free, whatever your annual income. You pay no tax on interest, income, or withdrawals.

Perfect if you are looking to:

Save for your medium- and long-term projects
Grow your money tax-free
Save for retirement beyond the RRSP contribution limit

Tip

Want to make the most of your TFSA? Invest in the Cash Advantage Solution. Your savings will grow each month so you’ll be ready to take advantage of investment opportunities.

Initial deposit and withdrawal amounts

$500 minimum withdrawal

A minimum deposit of $1,000 is required when you open a TFSA. The minimum withdrawal amount is $500 and you can withdraw funds at any time.*

* Depending on the investment vehicle selected. Certain products, such as guaranteed investment certificates (GICs), can only be redeemed at specific times.

Tip

Set up systematic savings and save hassle-free.

Minimum age

Age of majority in the province or territory where you live

TFSAs are offered to all Canadian residents who have reached the age of majority* and have a valid social insurance number (no maximum age).

* You begin earning contribution room from age 18, regardless of the age of majority in your province or territory.

Tip

You haven’t reached the age of majority yet? Put your money in a high-interest savings account.

Annual contribution limit

$6,000*

Your unused contribution room can be carried forward.

* For the years 2019 and 2020

Tip

Hit your contribution limit? Keep saving tax-free with an RRSP.

Perfect if you're looking to:

Which products should you hold in a TFSA?

Choose products based on your investor profile, transfer your savings and start earning interest tax-free.

Eligible products

Guaranteed Investment Certificate (GIC)

Grow your savings and protect your initial investment.

See our GICs

Managed solutions and investment funds

Trust our team of experts with your savings.

See our managed solutions and investment funds

Self-directed investments

Take an active role in managing your investments.

Discover National Bank Direct Brokerage

Cash Advantage Solution

Enjoy ready access to your money and get a competitive interest rate.

See Cash Advantage Solution

Make the most of your savings with our expert advice.

Make an appointment

Little details that matter

Fees and other information

For information on fees related to TFSAs, refer to our Fee Guide.

For information on rate increases or our new fee notification procedure, refer to our Fee Guide.

Also see the procedure for settling complaints about TFSA fees.

See the new NBI TFSA agreement and NBC TFSA application form.

Legal disclaimers

The elements presented in this text are given for information purposes only. These elements do not create any legal or contractual obligation for the National Bank and/or the entities of its group. You agree to validate the applicability and the advantageous nature of these elements with your advisor, accountant, tax specialist, or other tax planner, as the case may be.