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What's a Tax-Free Savings Account (TFSA)?

Whats a TFSA

 

Savings or investments held in a Tax-Free Savings Account (TFSA) can grow free of tax as long as contributions to the Account remain within set contribution limits.

Currently, all Canadian residents who are at least 18 years of age can contribute up to $7,000* annually (as a combined total for all TFSAs held at all institutions). If you've never contributed to a TFSA, and you were eligible to contribute since they were introduced in 2009, as of January 1, 2023, you can contribute a total of up to $95,000, which includes all unused contributions carried over since 2009.

More information on Tangerine TFSAs is available here.

*Annual limit based on legislation current as of January 1, 2019, subject to potential future change.