Service Details

TFSA We Are Always Here To Help!

Tax and bills
Service Overview

What are TFSAs?

A federal government tax-shelterd saving program, designed to encourage
Candians to save and invest for short, medium or long-term goals.

Benefits at a Glance

  • Investments inside a TFSA are tax sheltered
  • Contributions are after-tax (no deducation)
  • Withdrawals are tax-free(no withholding)


  • Annual Limit: $5,500 each year (beginning at age 18)
    + Previous Contribution Room
    + Previous year withdrawals
  • For 2018, the total contribution room since 2009 is $57,500
  • Contribution Period: January 1 to December 31 each year.
  • Contributions above the overall contribution limit are subject to a 1% / month penalty
    (refer to CRA website)
  • A client’s contribution room can be found in their Notice of Assessment, CRA My
  • Account(online), Notice of Reassessment, and T1028
  • In-kind contributions: capital gains must be declared, and capital losses cannot be claimed. The current market value is used to calculate the contribution amount


  • There is no spousal TFSA
  • There is no income attribution
  • A TFSA may have a successor holder (spouse) or a named beneficiary
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