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  • Where do you live?

    Each province and territory has its own tax rate, which determines your potential tax savings.

    No need to lock away your cash. TFSAs let you access your money any time you need it, and withdraw it tax-free.

  • What's your annual income?

    Your total income and where you live are used to estimate your marginal tax rate and help calculate how much you save with a TFSA.

    A TFSA is good for all types of investors. It can hold a variety of investments, including cash, stocks, bonds, mutual funds and managed portfolios.

  • How often and how much will you contribute?

    You can contribute up to $6,000 a year and carry forward unused contributions from previous years. Take advantage of compound interest (interest paid on both the principal and on accrued interest) and grow your money faster by investing more often.

    If you reach your contribution limit for the year, check if any family members (18 years or older) have room to invest. Consider giving them investment money to maximize your household's tax-free savings.

  • How long will you invest and at what rate?

    With compound interest, your money grows the longer you invest. Use the rate of return shown or enter a new one, up to 12%. Review TFSA rates and products.

    A TFSA offers flexibility for short- and long-term financial goals. Use it to save for a car, a down payment on a home, an emergency fund or retirement.
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