TFSA: Tax-free savings account
A flexible solution to grow your savings tax-free.
18 years old
Age at which you can start contributing
$7,000
Annual contribution room for 2026*
$109,000
Total amount of cumulative contribution room for 2026**
A TFSA allows you to grow your savings tax-free while making contributions and withdrawals any time you want. You can contribute and withdraw money tax-free at your convenience.
It’s the perfect tool to grow your assets for completing a special project in the near, medium, or long term. Grow your savings tax-free throughout your life and turn your projects into reality!
Benefits of a TFSA
Contribute at any time
The beauty of a TFSA is that you can make as many contributions as you want as long as you stay within your contribution limit.
Make withdrawals at any time
You can make withdrawals from your tax-free savings account whenever you need to.
Earn tax-free investment income
As long as you follow the TFSA rules set up by the Government of Canada, you can make withdrawals and earn income from your investments tax free.
The TFSA is a very versatile tool because of its flexibility. It can be used to save for a major project or build an emergency fund. It’s also a perfect complement to an RRSP for growing your assets tax-free, making non-taxable withdrawals or continuing to set money aside when you’ve reached your RRSP’s annual contribution limit.
Which projects can you accomplish with a TFSA?
Are you saving to buy a home, start a business, or take a dream vacation? Your TFSA could help you accumulate the amount you need faster than if you were setting money aside in a conventional savings account.
Opening a TFSA
Need advice?
You can count on our Advisory team’s sound and objective advice to assess your needs or financial goals and ensure you are using the right investment strategies to do so.
Three ways to open an account
Open an account online whenever you want, on the phone or by appointment with a member of our Advisory team.
Your first contribution
Open a TFSA with a $500 initial investment or by setting up a pre-authorized contribution plan for $50 each month.
To invest in a Fund or find out if it is suitable for your investor profile, contact FÉRIQUE Investment Services, the principal distributor of the FÉRIQUE Funds.
Invest in mutual funds
FÉRIQUE Funds and Portfolios provide you with a range of investment opportunities to help you reach your goals and complete your projects. You will find products suited for every investor profile.
FÉRIQUE Portfolios
Turnkey investment solutions comprised of several funds that are suitable for different types of investors.
FÉRIQUE Funds
A range of funds that allow you to invest in various sectors of the economy, regions of the world or asset classes.
Questions?
Want to learn more about our investment and saving solutions? Find answers to your questions in our FAQ.
No. When you turn 18, your contribution room starts to grow each year, whether you earn income or not.
No, because TFSA withdrawals are tax-free.
Investment losses incurred in a TFSA cannot be used to offset other taxable capital gains.
Overcontributions are subject to a 1% penalty tax per month for each month that the excess amount stays in the account. The penalty will be applied until either the overcontribution is withdrawn in full or your contribution limit is increased and the contribution you made falls within the new limit.
Discover other accounts you may find interesting
Diversify your investment and savings solutions
LIRA
Transfer the assets accrued in an employer-sponsored retirement plan or pension fund when you change jobs.
RRSP
Grow your savings tax-free to ensure your financial well-being during retirement.
A TFSA is a great savings solution for many reasons. If you have any questions, our Advisory team is there for you.
Withdrawals made from your TFSA will be added back to your TFSA contribution room the following year. For example, if you withdraw $5,000 this year, your contribution room will increase by $5,000 the next year.
Advisory Team
FÉRIQUE Investment Services
*This amount does not take into account the contribution room that you may have accrued over the years.
**Total contribution room is the total amount you are allowed to contribute to your TFSA without incurring a tax penalty. The contribution room is cumulative, which means that it adds up year after year (since 2009 or the year you turned 18) if you don’t use it.