A TFSA is a registered account to which you can contribute a given amount every year. It’s a great way to help you save for almost anything. You can use it to save for big-ticket items, a down payment, tuition or retirement. Think of it as a powerful, all-purpose savings tool.
With a TFSA, every dollar in your account grows tax-free. You won’t pay taxes on gains, dividends or interest earned. And you won’t pay taxes when you make withdrawals, helping you save just a little bit faster. Learn how else a TFSA can help you reach your savings goals.
The Canada Revenue Agency (CRA) sets an annual contribution limit for TFSAs. If you have unused contribution room, it carries forward from year to year. The best way to find out how much you can contribute for the current year is to check your Notice of Assessment from the CRA. Learn more about TFSA contributions and withdrawals.
Unlike a Registered Retirement Savings Plan (RRSP), there’s no age limit when it comes to making contributions. You can open a TFSA when you’ve reached the age of majority in the province where the account is set up. And you can continue contributing well into your golden years. Read about the differences between a TFSA and an RRSP.
Find out how quickly your TFSA savings can add up.
In the province of Quebec, the authorized representatives are Financial Security Advisors who have been duly certified by the Autorité des marchés financiers.
Mutual funds are offered through Co-operators Financial Investment Services Inc. to Canadian residents except those in Quebec and the territories. Segregated funds and annuities are administered by Co-operators Life Insurance Company.
Co-operators Life Insurance Company and Co-operators Financial Investment Services Inc. are committed to protecting the privacy, confidentiality, accuracy and security of the personal information that we collect, use, retain and disclose in the course of conducting our business. Please visit our privacy policy for more information.
Co-operators® is a registered trademark of The Co-operators Group Limited.
