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Tax-Free Savings Account (TFSA)

A TFSA is a flexible way to grow your savings tax free.

Every Canadian resident 18 years of age or older is
eligible to save or invest up to $5,5001 every year in a government-registered TFSA.

ATB’s TFSA investment products include GICs, mutual funds, stocks, and bonds—and even a specially designed high-interest savings account, the Tax-Free Saver Account. Income earned on investments in your TFSA, including interest and capital gains, is not taxed... ever. And there’s no deadline for your contributions.

TFSA features:

  • Grow your money tax free. Money earned or withdrawn from your TFSA is non-taxable—that is, all interest, dividends, or capital gains earned are tax free.
  • Withdraw money at any time with no penalty. And if you withdraw an amount from your TFSA, you can re-contribute that same amount the following year or any year after that.
  • Carry forward your contribution room—it never expires.
  • Collect federal benefits without deductions. Old Age Security, Guaranteed Income Supplements, Employment Insurance, and Canada Child Tax Benefits will not be impacted by TFSA withdrawals.
  • Create tax-free savings even if you’re over 71. There are no age limits with a TFSA. So if you have more retirement income from your Registered Retirement Income Fund (RRIF) than you need, just invest it in a TFSA.

When it comes to your portfolio, you don’t need to choose just an RRSP or just a TFSA. There’s a time and a place for both.

What’s the difference between an RRSP and a TFSA?

The biggest difference is when you pay tax. Check out the RRSP vs. TFSA comparison table to learn more.


1The $5,500 TFSA annual contribution limit is effective January 1 2016. Previous limits were $5,000 (2009-2012, $5,500 (2013-2014) and $10,000 (2015). ​​​ ​​​​​​​​​​​
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