{"id":888061,"date":"2021-06-07T15:37:44","date_gmt":"2021-06-07T19:37:44","guid":{"rendered":"https:\/\/www.fool.ca\/?page_id=888061"},"modified":"2024-12-04T17:04:41","modified_gmt":"2024-12-04T22:04:41","slug":"what-is-a-tax-free-savings-account-tfsa","status":"publish","type":"page","link":"https:\/\/www.fool.ca\/investing\/what-is-a-tax-free-savings-account-tfsa\/","title":{"rendered":"What is a Tax-Free Savings Account (TFSA)?"},"content":{"rendered":"\n<p>When it comes to saving for retirement, Canadians have a unique choice: the Tax-Free Savings Account (TFSA). TFSAs are extremely flexible, and their tax advantages can help Canadians save even more. If you want an all-purpose savings account, the TFSA could be the right choice for you.<\/p>\n\n\n\n<p>To help you decide, let\u2019s break down how they work and how you can open one.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-tax-free-savings-account\">What is a tax-free savings account?<\/h2>\n\n\n\n<p>A tax-free savings account (TFSA) is a registered retirement account that allows you to save and invest without paying taxes on interest or gains.<\/p>\n\n\n\n<p>Though it\u2019s called a \u201csavings account,\u201d TFSAs can hold numerous investments, including stocks, bonds,&nbsp;<a href=\"https:\/\/www.fool.ca\/investing\/what-is-an-exchange-traded-fund-etf\/\">exchange-traded funds (ETFs)<\/a>,&nbsp;and <a href=\"https:\/\/www.fool.ca\/investing\/how-to-invest-in-mutual-funds\/\">mutual funds<\/a>. Canadians above 18 years old can open a TFSA, and they can withdraw money from it for any purchase, whether it\u2019s retirement, a new car, a house, or even a vacation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-does-a-tfsa-work\">How does a TFSA work?<\/h2>\n\n\n\n<p>Unlike simple savings accounts, which grow your money by a meagre rate, TFSAs allow you to invest in numerous securities, including stocks, bonds, real estate, ETFs, and mutual funds. Think of your TFSA as a&nbsp;<a href=\"https:\/\/www.fool.ca\/investing\/best-online-brokerages-in-canada\/\">brokerage account<\/a>&nbsp;that allows your interest and earnings to grow tax-free.&nbsp;<\/p>\n\n\n\n<p>The tax-free component is crucial: you\u2019ll pay <em>zero <\/em>taxes on investment income. It doesn\u2019t matter if your investments grow from $5,000 to $500,000. As long as your investments are sheltered in a TFSA, the CRA won\u2019t tax you on money you withdraw.&nbsp;<\/p>\n\n\n\n<p>That said, you do have an annual limit on how much you can contribute. For 2024, for example, you can contribute a maximum of $7,000 (up from $6,500 in 2023)<sup>1<\/sup>. The good news\u2014any unused contribution space will roll over into the next year. So, if you only contributed $1,000 to your TFSA in 2023, then $5,500 of unused space would roll over into 2024. This would then be added to the 2024 limit ($7,000) for a cumulative limit of $12,500.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-benefits-of-the-tfsa-nbsp\">What are the benefits of the TFSA?&nbsp;<\/h2>\n\n\n\n<p>You really can\u2019t go wrong with a TFSA. As a&nbsp;<a href=\"https:\/\/www.fool.ca\/investing\/best-canadian-retirement-accounts\/\">retirement account<\/a>&nbsp;with tax-free earnings, a TFSA can give any <a href=\"https:\/\/www.fool.ca\/investing\/retirement-planning-in-canada\/\">Canadian\u2019s retirement planning<\/a> a major boost.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Tax-free earnings.<\/strong> Yes, it bears repeating \u2014 the CRA will not tax anything you earn in a TFSA. That means if you load your TFSA with Canada\u2019s best stocks, you can make some serious gains without paying the consequences.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Flexible spending<\/strong>. You can withdraw money at any time for any purchase without paying an early withdrawal penalty. You also don\u2019t have to report TFSA withdrawals as income when you file your income taxes.&nbsp;<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>No withdrawal penalties.<\/strong> Finally, unlike other retirement accounts, which penalize you for withdrawing money before a certain age, the TFSA has no withdrawal penalties, no matter how early you withdraw.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-who-s-eligible-for-a-tfsa-nbsp\">Who\u2019s eligible for a TFSA?&nbsp;<\/h2>\n\n\n\n<p>Canadians who are 18 years or older and have a valid Social Insurance Number (SIN) can open a TFSA.<sup>2<\/sup><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-much-can-you-contribute-nbsp\">How much can you contribute?&nbsp;<\/h2>\n\n\n\n<p>For 2024, you can contribute up to $7,000 in your TFSA.<sup>1<\/sup> This is up from $6,500 in 2023. <\/p>\n\n\n\n<p>However, if you\u2019ve never opened a TFSA, and you\u2019re older than 18, you may have more contribution space.<\/p>\n\n\n\n<p>Basically, the moment you turn 18 years old, you start accumulating contribution space in your TFSA\u2014even if you\u2019ve never opened one. For example, let\u2019s say Maury and Rachel were both 18 years old in 2009 (the year the CRA first launched the TFSA). Maury decides to open a TFSA when he\u2019s 18, and he contributes the maximum every year. By 2023, he would have contributed $88,000 \u2014 the maximum lifetime limit.&nbsp;<\/p>\n\n\n\n<p>Now, let\u2019s say Rachel opens a TFSA in 2023. For Maury, he can contribute only $6,500 for that year. But for Rachel, it\u2019s $88,000 since she\u2019s never made a contribution before.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-happens-if-you-over-contribute-nbsp\">What happens if you over-contribute?&nbsp;<\/h2>\n\n\n\n<p>First, the CRA will notify you that you\u2019ve over-contributed, giving you some time to fix the funds in your account. If you don\u2019t remove the excess, they\u2019ll hit you with a penalty: a 1% monthly charge on your above-contribution amount.&nbsp;<\/p>\n\n\n\n<p>For example, if you contributed $9,000 in 2024 instead of $7,000, you\u2019d pay 1% of $2,000 ($20) for every month you don\u2019t remove the extra $2,000.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-do-earnings-from-investments-affect-your-contribution-space-nbsp\">Do earnings from investments affect your contribution space?&nbsp;<\/h3>\n\n\n\n<p>No. Your contribution space is only affected by the amount of money you contribute directly. Capital gains, interest, and dividends don\u2019t reduce how much space you have.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-happens-if-the-tfsa-holder-dies-nbsp\">What happens if the TFSA holder dies?&nbsp;<\/h2>\n\n\n\n<p>TFSAs allow you to name a beneficiary on your account, which gives that person the account value (your contributions and any earnings) after you pass away. Once your beneficiary receives the money in your account, your TFSA provider will typically close your TFSA.&nbsp;<\/p>\n\n\n\n<p>Note:&nbsp;It\u2019s very important to name a beneficiary on your Tax-Free Savings Account. Without one, your spouse or loved ones will have a hard time accessing the money in your account.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-withdraw-from-a-tfsa\">How to withdraw from a TFSA<\/h2>\n\n\n\n<p>You can withdraw from your TFSA at any time, for any reason, without paying taxes, penalties, or fees. Most TFSA providers will allow you to transfer funds from your retirement account into another bank account online, while others will let you withdraw money in person.<\/p>\n\n\n\n<p>You can also recontribute money you\u2019ve withdrawn from your TFSA, though you\u2019ll have to wait until the year after you\u2019ve withdrawn your funds to put the same amount back in.&nbsp;<\/p>\n\n\n\n<p>For example, let\u2019s say, in 2022, you had $81,500 in your TFSA (the maximum lifetime contribution space for that year). You decided to take out $15,000 to fund renovations on your home, which left $66,500 in your account.&nbsp;<\/p>\n\n\n\n<p>In 2022, you wouldn\u2019t be able to recontribute the $15,000. But in 2023, your maximum contribution limit is $21,500 with both the $6,000 annual TFSA limit and $15,000 you withdrew the year before.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-can-you-hold-u-s-stocks-in-a-tfsa\">Can you hold U.S. stocks in a TFSA?<\/h2>\n\n\n\n<p>Yes, you can <a href=\"https:\/\/www.fool.ca\/investing\/can-you-buy-u-s-stocks-in-tfsa\/\">buy and hold U.S. stocks in a TFSA<\/a>. As long as the stock trades on a major U.S. stock exchange, such as the NYSE, you can likely hold it in your TFSA. &nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-s-the-difference-between-a-tfsa-and-an-rrsp-nbsp\">What\u2019s the difference between a TFSA and an RRSP?&nbsp;<\/h2>\n\n\n\n<p>As unique as TFSAs are, they\u2019re not the only tax-sheltered retirement account out there. TFSAs have a close cousin, the Registered Retirement Savings Plan (RRSP) which, depending on your situation, might be better for you. To help you decide between a&nbsp;<a href=\"https:\/\/www.fool.ca\/investing\/tfsa-vs-rrsp\/\">TFSA or RRSP<\/a>, here are some key differences.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-more-contribution-space-in-an-rrsp-nbsp\">1. More contribution space in an RRSP&nbsp;<\/h3>\n\n\n\n<p>For a&nbsp;<a href=\"https:\/\/www.fool.ca\/investing\/what-is-an-rrsp\/\">Registered Retirement Savings Plan<\/a>, you can contribute 18% of your previous year\u2019s income, up to $30,780 (for 2023).<sup>3<\/sup> Depending on how much you make, the contribution space in an RRSP could be significantly higher.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-withdrawals-from-rrsps-are-taxed-nbsp\">2. Withdrawals from RRSPs are taxed&nbsp;<\/h3>\n\n\n\n<p>Like the TFSA, the RRSP allows your contributions to grow tax-free. But unlike the TFSA, when you withdraw money from your RRSP, you\u2019ll pay income taxes for whatever you cash out.&nbsp;<\/p>\n\n\n\n<p>Why do you pay income taxes? Well, it\u2019s because you contribute&nbsp;<em>pre-tax&nbsp;<\/em>dollars to an RRSP, meaning you haven\u2019t paid taxes on them yet, while the money you contribute to a TFSA is&nbsp;<em>after tax.&nbsp;<\/em>You\u2019ve already paid income taxes on TFSA contributions, so you won\u2019t have to pay them again.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-rrsp-contributions-are-tax-deductible-nbsp\">3. RRSP contributions are tax-deductible&nbsp;<\/h3>\n\n\n\n<p>In addition to tax-free earnings, you can deduct the amount you contribute to your RRSP from your gross annual income. This allows you to lower your taxable income, which helps you save on taxes. TFSAs, however, don\u2019t offer tax deductions on contributions.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-rrsps-have-less-flexible-withdrawals\">4. RRSPs have less-flexible withdrawals<\/h3>\n\n\n\n<p>When you withdraw from an RRSP, you must report your withdrawal as income on your tax returns. In addition, if you withdraw before you turn 71, you\u2019ll pay an RRSP withholding tax, which can be between 10% and 31%, depending on your province and the amount you withdraw.&nbsp;<\/p>\n\n\n\n<p>The only exception to the withholding tax rule is when you withdraw to pay for a house (up to $25,000) or to fund your education (up to $20,000).&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-rrsps-have-an-expiration-date-nbsp\">5. RRSPs have an expiration date&nbsp;<\/h3>\n\n\n\n<p>Finally, your RRSP can\u2019t stay an RRSP forever. By December 31 of the year you turn 71, you must convert your RRSP into a Registered Retirement Income Fund (RRIF). TFSAs, however, don\u2019t have an expiry date.&nbsp;<\/p>\n\n\n\n<p>In sum, a Tax-Free Savings Account is far more flexible. The RRSP has more contribution room but stricter withdrawal rules. At the end of the day, however, you shouldn\u2019t choose one at the expense of the other: a solid retirement plan will include both TFSAs and RRSPs.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-do-you-open-a-tfsa-nbsp\">How do you open a TFSA?&nbsp;<\/h2>\n\n\n\n<p>To open a TFSA, you need your Social Insurance Number (SIN), and you must be the legal age, either 18 or 19 years old.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Territories and provinces with a minimum age of 18 include&nbsp;Alberta, Manitoba, Ontario, Prince Edward Island, Qu\u00e9bec, and Saskatchewan.<\/li>\n\n\n\n<li>Territories and provinces with a minimum age of 19 include British Columbia, New Brunswick, Newfoundland, Nova Scotia, Northwest Territories, Nunavut, and Yukon.<sup>4<\/sup><\/li>\n<\/ul>\n\n\n\n<p>If you\u2019re the legal age and you have your SIN, then contact a valid TFSA issuer (a bank, credit union, insurance company, or other financial institution) and start the process.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-can-you-open-more-than-one-tfsa\">Can you open more than one TFSA?<\/h3>\n\n\n\n<p>You can open as many TFSAs as you like.<\/p>\n\n\n\n<p>But be careful \u2014 no matter how many TFSAs you hold, your contribution space never changes. Whether you have one TFSA or five, your annual and lifetime limits are always the same. So, if your annual TFSA limit is $6,000, and you have five TFSAs, you can contribute the $6,000 across all five but no more than the annual cap.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-should-you-open-a-tax-free-savings-account-nbsp\">Should you open a Tax-Free Savings Account?&nbsp;<\/h2>\n\n\n\n<p>Definitely.&nbsp;<\/p>\n\n\n\n<p>The tax advantages in a TFSA alone make these accounts worth your time and money. While you may need more than a TFSA to save for your retirement (an RRSP or non-registered retirement account), having one helps you avoid paying hefty taxes on gains, giving you more in savings towards your golden years.&nbsp;<\/p>\n\n\n\n\n","protected":false},"excerpt":{"rendered":"<p>When it comes to saving for retirement, Canadians have a unique choice: the Tax-Free Savings Account (TFSA). TFSAs are extremely &hellip;<\/p>\n","protected":false},"author":147463,"featured_media":888171,"parent":441,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"templates\/evergreen.php","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"footnotes":""},"tickers_global":[],"class_list":["post-888061","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is a Tax-Free Savings Account (TFSA)? | The Motley Fool Canada<\/title>\n<meta name=\"description\" content=\"Tax-Free Savings Accounts are extremely flexible, and their tax advantages can help Canadians save even more money over time.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fool.ca\/investing\/what-is-a-tax-free-savings-account-tfsa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a Tax-Free Savings Account (TFSA)?\" \/>\n<meta property=\"og:description\" content=\"Tax-Free Savings Accounts are extremely flexible, and their tax advantages can help Canadians save even more money over time.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fool.ca\/investing\/what-is-a-tax-free-savings-account-tfsa\/\" \/>\n<meta property=\"og:site_name\" content=\"The Motley Fool Canada\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/MotleyFoolCanada\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-04T22:04:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fool.ca\/wp-content\/uploads\/2021\/06\/What-is-a-Tax-Free-Savings-ACcount.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@TheMotleyFoolCA\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.fool.ca\/investing\/what-is-a-tax-free-savings-account-tfsa\/\",\"url\":\"https:\/\/www.fool.ca\/investing\/what-is-a-tax-free-savings-account-tfsa\/\",\"name\":\"What is a Tax-Free Savings Account (TFSA)? 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