With the flexibility to hold a wide range of investments, a self-directed Tax-Free Savings Account (TFSA) is a powerful way to save for your next goal – without having to pay taxes on what you earn.
It’s a registered investment account that lets your earnings (like interest, dividends and capital gains) from qualified investments grow tax-free. Invest for any goal – from a new car to retirement – and never pay tax on withdrawals.
Hold and settle trades in U.S. and Canadian dollars and save on foreign exchange fees.
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From paying for college to retiring, learn how real people use—or plan to use—their TFSAs.
You can hold a wide range—including the same ones you hold in a Registered Retired Savings Plan (RRSP).
Complete your application online in just minutes and your account can be opened within 24 hours3.
In 2023, the contribution limit is $6,500. You can make contributions throughout the year or in a lump sum. In addition to the annual contribution limit, your unused contribution room is carried forward indefinitely. Plus, withdrawals are added back to your contribution room the following year.
No, investment income and withdrawals are not included as income for tax purposes, which means they will not affect your eligibility for income-tested government benefits and credits such as the Canada Child Tax Benefit, the Working Income Tax Benefit, the Guaranteed Income Supplement, Old Age Security (OAS) or the Goods and Services Tax (GST) credit.
There may be commissions, trailing commissions, investment fund management fees and expenses associated with investment fund and exchange-traded fund (ETF) investments. On or after June 1, 2022, any trailing commissions paid to RBC Direct Investing Inc. will be rebated to clients pursuant to applicable regulatory exemptions. Before investing, please review the applicable fees, expenses and charges relating to the fund as disclosed in the prospectus, fund facts or ETF facts for the fund. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. For money market funds 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.