The government introduced Tax-Free Savings Account (TFSA) is available to Canadians aged 18 and older to save money in a tax-free plan.

Key features:

  • Investment income earned in a TFSA plan, including capital gains, will not be taxed, even when withdrawn.
  • Unused TFSA contribution room can be carried forward to future years.
  • There is no maximum age limit to open or hold a TFSA.
  • There's no deadline for your contributions.

How much can I contribute to my TFSA in a year?

  • The amount of money you can contribute has changed since it became available in 2013. Have a look at this handy chart to help figure out your contribution room.


TFSA Annual Limit

Cumulative Total
















  • Your contribution room carries over each year, so if you just opened your account, don’t worry, you still have the contribution room you’ve been eligible for since 2013. And even though we know you'd hate to bank anywhere else, remember that any contributions you may have made at other financial institutions count towards your total contributions as well.
  • If you make a withdrawal from your TFSA during the year and you have already contributed the maximum, don't contribute again until the following year. If you do over-contribute, you'll be penalized by the Canada Revenue Agency.

Find out more about TFSA contribution room on the Canada Revenue Agency's website.

What types of investments can I hold in my TFSA plan?

Coast Capital Savings customers will be able to hold a wide range of investments in their TFSA plan such as savings accounts, term deposits and mutual funds.

What's the difference between a TFSA and an RRSP?

Do contributions reduce your taxable income?NoYes
Are these funds subject to income tax when withdrawn?NoYes
Is interest earned on these investments tax sheltered?YesYes
Can these funds be withdrawn anytime, for any reason, without being taxed?YesNo

Still can't decide between a TFSA and an RRSP? We can help.

Want to know more about TFSAs?

Contact us and we'd be happy to answer your question. Additional information is also available on the Canada Revenue Agency's TFSA website.

Coast Capital Savings provides advice and service related to deposit, loan and mortgage products. Worldsource Financial Management Inc. provides mutual fund products and services.

Important legal disclaimer


Coast Capital Savings Credit Union provides service and advice related to deposit, loan and mortgage products. Coast Capital Financial Management Ltd. provides service and advice related to life insurance, segregated funds and annuities. Worldsource Financial Management Inc. provides service and advice related to mutual funds. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund specific simplified prospectus before investing. Mutual funds are not guaranteed and are not covered by the Canada Deposit Insurance Corporation (CDIC) or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Fund values change frequently and past performance may not be repeated.