Tax-free earnings. Withdrawals anytime you like.

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Financial goals


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The Tax-Free Savings Account is a registered account to which you can contribute a given amount every year without ever being taxed on your earnings.

It's an excellent short- to medium-term strategy to reach financial goals or to optimize your savings and build a nest egg. The best part, you can withdraw your money as you see fit and never pay a dime in taxes.

Why opt for the TFSA?

Smart, flexible savings that pay off

Tax-free earnings

You’ll never be taxed on your savings (ever!) regardless of when you withdraw them (unlike an RRSP).

Contribution room adds up

Contribution room may have an annual limit, but unused room carries over from year to year so you can catch up later on. You start to accumulate contribution room the year you turn 18 and have a valid social insurance number.

Flexibility at its best

Dip into your TFSA savings whenever you like—no red tape, no taxes. Plus, you don’t lose your contribution room. You can recontribute withdrawals back into your TFSA, up to the cumulative annual limit.

How does it work?

TFSA: Investing in 4 easy steps

One of our advisors helps you map out an investment plan to reach your financial goal, including: investment horizon, the amount and frequency of your contributions, your risk profile and, finally, the right investments for a winning strategy.1

Learn more about risk profiles

Follow your contribution plan or add an extra lump sum here and there, as long as you don’t exceed your TFSA contribution limit.

Pro tip: Set up automatic deposits to stay on track hassle-free.

See my contribution room

Your earnings are tax-sheltered, and you benefit from growing income thanks to compound interest.

The best part about the TFSA is the freedom to withdraw at any time without tax penalties. Simply cash in whenever you’re ready to kick off your project!

The scenario shown here is for demonstration purposes only and should not be relied upon as financial or other advice.2

Beneva, a smart investment

We deliver on performance

Tap into performance-focused investment products.

We invest responsibly

Beneva only works with portfolio managers who are signatories to the UN Principles for Responsible Investment.

We personalize your strategy

We take great care in proposing diversified investments suited to your profile.

We keep your money safe

Sums invested in savings and retirement plans are protected by Assuris. See the leaflet for full details.

TFSA annual contribution limits

Year Balance
2021 $6,000
2020 $6,000
2019 $6,000
2018 $5,500
2017 $5,500
2016 $5,500
2015 $10,000
2014 $5,500
2013 $5,500
2012 $5,000
2011 $5,000
2010 $5,000
2009 $5,000
Total $75,500

More questions about investing? We’ve got more answers.




Objective Savings for short- and medium-term projects Retirement savings
Contribution age limit None Age 71
Annual contribution limit $7,000 18% of earned income, up to $27,830, less the pension adjustment
Contributions are deductible on your income tax return No Yes
Withdrawals are taxable No Yes

  • If you are receiving federal income-tested benefits, or if you are eligible to receive federal income-tested credits, your eligibility to receive these benefits or credits is not affected by TFSA income or withdrawals.
  • Upon death, the accumulated TFSA balance can usually be transferred tax-free. Plus, with Beneva, your capital is guaranteed!
  • It is not necessary to set up a TFSA or file a tax return to earn contribution room. Your contribution room starts and grows as soon as you turn 18 (and have a valid SIN), even if you don't use it.
  • When you contribute to your spouse's TFSA, even if he or she has no income, your contribution room is not affected.
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