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Our Declaration of Trust for Tax Free Savings Accounts has been updated as of April 1st 2023


No Age Limit

There’s no age limit to contributing to TFSAs; you can continue to invest even after the age of 71, the limit for RRSPs. The starting age for contributions is 18.

It's Tax Free

Investment income earned in a TFSA is tax-free, regardless of whether it is interest, dividends or capital gains. Withdraw money at any time for any reason without being taxed.


Generate Tax Free Income

TFSA withdrawals do not impact any government benefits or assistance programs such as child tax benefits, old age security or other guaranteed income supplements. This means low-income earners can generate tax-free income without it affecting their support.

They're Transferrable

TFSA assets can be transferred to a spouse without impacting the recipient’s contribution room.*

*Only possible upon death of account holder


It's Never Too Late To Invest

If you have not contributed in the past or did not meet maximum contributions in any given year, you can catch up on unused contributions.
(see chart below)

 TFSA Contribution Chart

Year TFSA Annual Limit TFSA Cumulative Limit


2010 $5,000 $10,000
2011 $5,000 $15,000
2012 $5,000 $20,000
2013 $5,500 $25,500
2014 $5,500 $31,000
2015 $10,000 $41,000
2016 $5,500 $46,500
2017 $5,500 $52,000
2018 $5,500 $57,500
2019 $6,000 $63,500
2020 $6,000 $69,500
2021 $6,000 $75,500
2022 $6,000 $81,500
2023 $6,500 $88,000
2024 $7,000 $95,000


TFSA yearly limit was set at $5,000 back in 2009 when the investment account was first created.


Open an Account Today

Speak to one of our FSO’s or Credential Asset Management Inc. Investment Specialist to review which savings or investment vehicle is best for you.  

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