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Benefits of a TFSA

Access your money at any time for any reason

Carry forward unused contribution room indefinitely

Contribute for as long as you want—no age limit

Numbers to Know


Canadian taxes you’ll pay on TFSA earnings and qualifying withdrawalsLegal Disclaimer footnote 1


2023 TFSA contribution limit


Maximum lifetime contribution limitLegal Disclaimer footnote 2

Why Choose a Self-Directed TFSA at RBC Direct Investing?

Expand your investing knowledge with resources designed to help you take control:

Filter and choose investments using:

Receive guest access to our Online Investing platform with a risk-free Practice AccountLegal Disclaimer footnote 5. It’s a great way to practice buying and selling different investments before investing your own money. Free for RBC Online Banking and Direct Investing clients.

Note: Practice TFSAs are not available. However, you can open a Practice Account as a cash, margin or RRSP account and still experience what it's like to trade online.

Enjoy benefits like real-time streaming quotesLegal Disclaimer footnote 6 and pre-market and after-hours trading at no additional cost:

Investments You Can Hold in Your TFSA

Enjoy total freedom to research and pick the investments that meet your needs.



Mutual Funds




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Open a Self-Directed TFSA

Take control your investments and save for absolutely anything.

RBC digital banking security guarantee

You're Protected. Get 100% reimbursement for any unauthorized transactions conducted through the Online Investing platform or the RBC Mobile app.

See the Guarantee


A Tax-Free Savings Account (TFSA) is a registered investment plan that lets your earnings (like interest, and ) from qualified investments grow tax-free. Invest for any goal—from a new car to retirement—and never pay any Canadian tax on qualifying withdrawalsLegal Disclaimer footnote 1

In 2024, the contribution limit is $7,000. 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 Canada Workers Benefit, the Guaranteed Income Supplement, Old Age Security (OAS) or the Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit.

You can hold a wide range of investments in your TFSA, including cash, guaranteed investment certificates (GICs), bonds, stocks, exchange-traded funds (ETFs), mutual funds and options. All investments held in a TFSA must be qualified investments.Legal Disclaimer footnote 1