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TFSA

Grow your savings tax-free

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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
  • Access your investments whenever you need them
  • Save for retirement beyond the RRSP contribution limit

Is it too late to save for my retirement?

You have until March 2

Contribute now

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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 deal with the unexpected or take advantage of investment opportunities.

Access to funds

No restrictions*

You can withdraw funds from your TFSA any time, for any reason, depending on the type of investment product* you choose.
 

* Certain products, such as non-redeemable Guaranteed Investment Certificates (GICs), cannot be retrieved at any time.

Tip

Set up systematic savings and save hassle-free.

Minimum age

Age of majority in your province of residence

TFSAs are available to any Canadian resident who has reached the age of majority* (no age limit) and has a valid SIN

* Contribution room is accrued starting at age 18, no matter what the age of majority in your province of residence.

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:

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Build a financial cushion

Your family

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Buy a home

Your home

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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

Make the most of your savings with our expert advice.

Make an appointment

Little details that matter

Non-eligible products

The following GICs cannot be held in a TFSA:

  • Evoluterm GIC
  • Extra GIC
  • Monthly Cash Management GIC
  • TermNote Plus GIC
  • Redeemable Escalarater GIC
  • Redeemable Without Penalty GIC

Looking to invest in one of these GICs? Choose an RRSP or non-registered plan instead.

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.

© 2017 National Bank of Canada. All rights reserved. Any reproduction in whole or in part is strictly prohibited without prior written authorization.

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During this tax period remember that filing your tax return can be very rewarding. Get 20% off the purchase of TurboTax software  as a National Bank client.

Other tax-free plans

RRSP

Save for retirement, buying your first home, or going back to school.

Learn about RRSPs

RESP

Receive up to $12,800 in government grants to help finance your children's education.

Learn about RESPs

See all plans
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Expert advice

Learn more.

Ready to start saving?

Talk to an investment specialist or choose a plan online.

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