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What is a TFSA?


A TFSA (Tax Free Savings Account) is an investment account that lets you earn interest on your money, and withdraw funds, free of tax. This year, you can contribute up to $6,000, the TFSA dollar limit for 2019.


You can do anything with a TFSA – withdraw money to contribute to your RRSP, set aside emergency savings, use it as retirement income, cover living expenses during parental leave – the possibilities are endless.


Benefits of a TFSA

Tax-sheltered growth

You don’t pay tax on any interest, dividends, or capital gains your investments earn.


Worry-free withdrawals

Withdraw as much as you want, any time, without paying tax on it.


Customized savings

Build a TFSA that fits your goals from a wide range of investment and savings options – including GICs, bonds, and ETFs.


Open a TFSA


Quick tip: If you're already a Member, you can open a TFSA through Online Banking. On your accounts page, just select "Add Investments" and choose "TFSAs". Sign in and get started.


Featured TFSA options

1-year Cashable GIC
A great option if you want a guaranteed investment without locking your money away.
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3-year Raise the Rate GIC
A great long-term investment with the option to raise your rate, giving you more control over your savings.

Open now
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Good To Grow High Interest Savings Account
A full-service savings account with a great rate to help your money grow faster.
Open now
Learn more
 


Interested in something else? Check out more options

18-Month GIC
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Fixed Rate GICs
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3-year Escalator GIC
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5-year Escalator GIC
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5-year Raise the Rate GIC
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Index-linked GICs
Learn more


Advantage Savings
Learn more


Mutual funds
Learn more


Expert advice


Want to chat with an advisor about building a TFSA that fits your savings goals? Start the conversation – find a branch and book a meeting.


Contribution rules

Maximum contribution

For 2019, the annual contribution limit is $6,000. Unused contribution room is carried forward from previous years.


Who can contribute

Canadian residents 18 years or older who have a valid social insurance number can contribute to a TFSA.


Unused contribution room

If you have unused contribution room at the end of the year you can carry it over and use it next year.


Withdrawal rules


  • You can withdraw any amount, any time. There may be some exceptions to this – it depends on the types of investments you have in your TFSA. For example, if you’re holding GICs in your TFSA and you withdraw those funds before they mature, you may pay a penalty.

  • When you make a withdrawal, you can re-contribute the same amount at the start of the next year and it doesn’t count toward your annual contribution limit.

  • You don't pay any taxes on the funds you withdraw.


Frequently asked questions


  • How can I find my TFSA contribution limit?

    For 2019, the annual limit is $6,000. If you have contribution room carried over from previous years, you can also use that. To find out how much contribution room you’ve carried over, you can:

    • Call TIPS (Tax Information Phone Service) at 1-800-267-6999

    • Visit the CRA site and log in to MyAccount

    • Request a TFSA Room Statement from the CRA at 1-800-959-8281 (to check for hours of service and phone numbers for outside of Canada, visit the CRA site)

    • Find it on your last Notice of Assessment from the CRA

  • Is it better to make a lump sum contribution or regular deposits to my TFSA?

    It's often easier to make smaller, regular contributions than it is to come up with a larger lump sum. This is easy to do with a pre-authorized contribution plan (PAC). A PAC automatically withdraws as little as $25 from one of your other Meridian accounts and adds it to your TFSA. In the end though, you can contribute any way you want – just keep an eye on the contribution limit.

  • How do I add money to a TFSA?

    There are three ways to add money your TFSA.

    1. Deposit a lump sum

    2. Use a pre-authorized contribution plan (PAC) to automatically deposit a set amount into your TFSA at certain times.

    3. Use the Meridian Auto-Save feature to automatically add between $1 to $5 to your TFSA any time you use your debit card or transfer a portion of your pay cheque to your TFSA.

  • Can I have more than one TFSA?

    Yes. You can open as many TFSAs as you want. Just remember: your contribution limit for 2019 is $6,000 in total (plus any contribution room you've carried over and room created by withdrawals), regardless of whether you have one or five TFSAs.