Tax-Free Savings Account
What is a TFSA?
TFSA or Tax-Free Savings Account is your best option to save money for any purpose and save on income taxes on your investment earnings. You can withdraw your money when you need it without paying taxes, included in this is interest earned on investments and other investment income.
With TFSA, save for everything that matters to you— your short term and long term goals, and anything in between. The possibilities are endless.
Wondering where to start? Personalized financial guidance is a click or a call away.
Why invest in TFSA?
Rapport will help you explore a wide variety of TFSA options to reach your goals faster.
Flexible contribution options including weekly, bi-weekly and monthly automatic contributions will help fit your budget and reach your goals.
Contribution Room accumulates each year after you turn 18. If you don’t use your full limit one year it can be used in the future years.
You can access your savings when you need them.
Withdrawn amounts are added to contribution room in future years .
You can open a TFSA as soon as you turn 18. There is not maximum age to hold a TFSA.
At Rapport Credit Union, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA).
You’re a step away from saving for your goal. Rapport is here to help!
Contact Rapport to set up a meeting with an expert.
One of our experts will guide you through the TFSA account process and help you choose the right options that work best for you.
Contribute with Automatic Contributions and pay no taxes on your investment earnings.
You can withdraw your money when you need it.
Rapport’s TFSA calculator will show you how your money grows with a TFSA account.
$ 7,000 is the contribution limit for the 2024 tax year in addition to the amounts accumulated or withdrawn in previous years.
If you were at least 18 years old in 2009, you could contribute up to a maximum of $ 95,000.
How much can I contribute to my TFSA?
With Tax Free Savings Account (TFSA), you can save for anything that matters to you. This is the best option to save money for any purpose and save taxes on your income from interest and investment earnings.
TFSA contribution limit accumulates each year after you turn 18. If you don’t use your full limit for one year, it can be used in the future years. $ 7,000 is the contribution limit for the 2024 tax year in addition to the amounts accumulated or withdrawn in previous years. If you were at least 18 years old in 2009, you could contribute up to a maximum of $ 95,000.
Withdrawals made from your TFSA will be added back to your TFSA contribution room for the following year.
| Year | Amount | Total |
|---|---|---|
| 2009 | $5,000 | $5,000 |
| 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 |
Contribution limit will not accumulate for any year during which the individual is a non-resident of Canada throughout the entire year.
How do I find my TFSA contribution room?
TFSA contribution room is the maximum amount you can contribute to your TFSA. It’s important to keep track of your contribution room so that you don’t contribute above your maximum. You can find your contribution room from your CRA account. Remember that contributions made or withdrawn from a TFSA in the previous year may not be reflected in your available current year contribution until after the end of February. To receive a TFSA Room Statement, you can contact Canada Revenue Agency.
Do you want to open a TFSA account? We are a call or a click away. Book an appointment now, and we will work together to explore options that help reach your financial goals.