More TFSA Help.

What's a TFSA?

A TFSA, or Tax-Free Savings Account is a government program that allows those 18 or over to save money tax-free. You won’t get taxed on the interest made on your investment, even when it’s withdrawn.

It really is tax-free.

Whether your TFSA is earning interest, dividends or capital gains, you won’t be taxed, even when the investment is withdrawn. This tax-free compound growth means that your money grows more quickly inside a TFSA than in a taxable account. Investment income and capital gains earned in a TFSA are not taxed, even when you withdraw money from the account.

Income earned and withdrawals made from a TFSA do not affect your eligibility for federal tax credits or income-tested benefits such as the Canada Child Tax Benefit, Old Age Security (OAS) or the Guaranteed Income Supplement (GIS).

Additional information is available on the Canada Revenue Agency's website.

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  • Investment income earned in a TFSA plan, including capital gains, will not be taxed, even when withdrawn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

Talk to our Investment Team

TFSA FAQs

Years TFSA Annual Limit Cumulative Total

2009-2012

$5,000

$20,000

2013

$5,500

$25,500

2014

$5,500

$31,000

2015

$10,000

$41,000

2016

$5,500

$46,500

2017

$5,500

$52,000

2018

$5,500

$57,500

2019

$6,000

$63,500


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. Learn more
  TFSA RRSP
Do contributions reduce your taxable income? No Yes
Are these funds subject to income tax when withdrawn? No Yes
Is interest earned on these investments tax sheltered? Yes Yes
Can these funds be withdrawn anytime, for any reason, without being taxed? Yes No


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

Ready to invest?

Our accredited Investment Team can help you figure out the best financial plan for your goals.
Call us at 1.888.517.7000 Mon-Sat, 8am-8pm; Sun, 9am-5:30pm.

Coast Capital Savings Federal Credit Union provides advice and service related to deposit, loan and mortgage products. Coast Capital Wealth Management Ltd. provides investment and financial planning services. Coast Capital Financial Management Ltd. provides advice and service related to segregated funds, annuities and life insurance products. Worldsource Financial Management Inc. provides advice and service relating to mutual funds. Mutual fund values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses may all be related with mutual fund investments. Important information about mutual funds is contained in the relevant fund facts and simplified prospectus. Please read the fund facts carefully before investing. Only deposits held in Canadian currency, having a term of five years or less and payable in Canada are eligible to be insured under the Canada Deposit Insurance Corporation Act.