TFSA – Tax-Free Savings Account

TFSA – Tax-Free Savings Account

After an RRSP, the TFSA is, without question, the most advantageous investment vehicle created by the Canadian government to encourage personal savings. More flexible than an RRSP, it allows you to put money aside on a tax-free basis for a project (car, house, vacation…) to be used whenever you wish.

Characteristics and advantages of a TFSA:

Characteristics and advantages

  • You can contribute up to the annual limit regardless of your income. The limit for 2019 is $6,000 and will be indexed thereafter based on inflation. Furthermore, you may carry forward any unused contribution room.
  • Your savings grow tax-free because your contributions and any earnings generated are not taxable. 
  • You can put funds aside tax-free, such as an inheritance, a donation or investment income. 
  • You may withdraw any amount at any time without penalty. 
  • You can still save for your retirement even if you have reached your maximum contribution limit for your RRSP.
Contribution year Contribution room Total
2009 $5,000 $5,000
2010 $5,000 $10,000
2011 $5,000 $15,000
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

Why choose a TFSA with us?

Why choose a TFSA with us?

Our IAG Savings and Retirement Plan allows you to invest wisely in your TFSA. It is designed for all types of investors, from those who like to play it safe to those who like to take risks. Furthermore, it offers you the choice of the following investment funds:

  • Segregated funds 
  • Guaranteed interest funds 
  • Daily interest funds 
  • Mutual funds

Thanks to our segregated funds, we offer exceptional investment protection if the markets go down.

You can also invest your TFSA in securities.

High-Performance TFSA

We offer a savings account with an interest rate of 1.25%. This way, you enjoy all the tax advantages of a TFSA and benefit from an attractive interest rate without having to worry about your investments. Contact a financial advisor to find out more about our High-Performance TFSA.

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Compare different savings plans to find the one that is right for you

Eligibility age Age limit to contribute Contribution ceiling Tax-deductible contributions Tax-sheltered accumulation Tax payable upon withdrawal or at the end of the year Unused contributions can be carried forward
RRSP 18 71
TFSA 18 None
Non-Registered Savings Plan 18 90 Does not apply