Tax-free savings account (TFSA)
Grow your savings tax-free in an account that's easy to access.
Promotion
Plan for your 2025 TFSA contribution today
Already contributed the maximum amount to your TFSA for 2024? Until December 31, 2024, invest your 2025 TFSA contribution in term savings and get a promotional rate of 4.15%
At maturity on January 2, 2025
What is a TFSA?
A TFSA is a registered savings account with numerous benefits. Your money is there when you need it
TFSA benefits
Invest tax-free
Your TFSA contributions and the generated earnings in your account are not taxable.
Withdraw money at any time
Your TFSA withdrawals are tax-free and don't affect your government benefits and credits. Withdrawn amounts are added back to your contribution room for the following year.
Build an emergency fund
Set up automatic transfers to your TFSA to take the work out of saving. Aim to set aside 3 to 6 months' worth of your net pay to cover unexpected expenses.
Top up your retirement savings
You can keep your TFSA open into retirement and continue growing your money. Since your withdrawals aren't taxed and have no impact on your government benefits, a TFSA is a good source of additional retirement income.
How a TFSA works
TFSA eligibility
You must be 18 or older and have a Social Insurance Number (SIN) to open a TFSA. Unlike an RRSP, there is no age limit to make TFSA contributions.
2024 TFSA contribution limit
The 2024 TFSA contribution limit is $7,000, plus withdrawals you made in 2023 and your unused contribution room from previous years.
Accumulating contribution room
Your contribution room begins accumulating each year from when you turn 18.
So if you've always lived in Canada, have never contributed to a TFSA and were 18 or over in 2009, your cumulative contribution room is $95,000.
TFSA yearly contribution room
- 2009 to 2012: $5,000
- 2013 and 2014: $5,500
- 2015: $10,000
- 2016 to 2018: $5,500
- 2019 to 2022: $6,000
- 2023: $6,500
- 2024: $7,000
You never lose contribution room. If you withdraw money from your TFSA one year, that amount is added to your contribution room for the following year. For example, say you have $25,000 in your TFSA and take out $10,000 for renovations. You can then contribute this $10,000 the following year, plus the annual dollar limit for that year.
Permitted investments for a TFSA
Find out which types of investments you can hold in your TFSA.
Desjardins Funds
Invest in innovative and competitive fund portfolios tailored to your profile.
TFSA – Savings Account
Grow your money with no fees and keep it accessible for short- and medium-term projects.
Guaranteed fixed-rate investments (term savings)
Enjoy a known return on your investment from day one. Both your capital and interest are guaranteed.
Market-linked guaranteed investments
Harness the growth potential of stocks without risking your capital.
Guaranteed Investment Funds Helios2 Contract
Earn interest while protecting your estate and your savings.
Interested in self-directed investing?
Whatever your level of investment knowledge, we offer everything you need to make informed decisions and invest on your own with confidence:
- No-fee online transactions for stocks and exchange-traded funds (ETFs)
- State-of-the-art trading platforms
- Comprehensive training
- Powerful analysis tools
Responsible investment pays off
Commit to a sustainable and equitable economy by investing in businesses that value the environment, the community and diversity. With our socially responsible investments, you can grow your money while taking action for the future.
RRSP or TFSA: Which one to choose?
Explore the benefits of these 2 plans and find out which one best meets your needs.
FAQ
The 2024 TFSA dollar limit is $7,000, plus withdrawals you made in 2023 and your unused contribution room from previous years.
Any excess contributions are subject to a 1% tax per month or 12% per year. This penalty applies as soon as you go over your contribution room and continues for every month the excess amount stays in your TFSA. The penalty tax stops when you withdraw the excess amount.
Yes. Since TFSA investment income and withdrawals are tax-free, a TFSA maximizes your savings to buy a home.
If you're buying a first home, the following 2 options may be more suitable for your down payment:
- The Home Buyers' Plan (HBP) to take money out of your RRSP tax-free with up to 15 years to pay it back
- The first home savings account (FHSA) to save money and make a qualifying withdrawal tax-free
Contribute to your TFSA
By phone
Montreal area:
514-224-7737 Phone number of customer service for the Montreal area. This link opens your phone app. (514-CAISSES)
Elsewhere in Canada:
1-800-224-7737 Phone number of customer service for Canada. This link opens your phone app. (1-800-CAISSES)
We can also call you when it's convenient.
With an advisor
Book an appointment on AccèsD if you're a member, and meet with an advisor online, in person or over the phone.
How to contribute to the TFSA
1. Open the TFSA online
Log in to AccèsD to open your TFSA and start contributing.
Not a Desjardins member or prefer some help with your investment plan?
Montreal area: 514-224-7737 This link opens your phone app. (514-CAISSES)
Elsewhere in Canada: 1-800-224-7737 This link opens your phone app. (1-800-CAISSES)
2. Choose your investments
Choose the right investments for you according to your savings goals and investor profile.
3. Start contributing
Contribute to your TFSA now or set up automatic transfers to take the work out of saving.