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Grow your savings tax-free

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At a glance

What is a Tax-Free Savings Account (TFSA)?

A TFSA is a government-registered account that allows you to grow your savings tax-free, whatever your annual income. You pay no tax on interest, income, or withdrawals.

Perfect if you are looking to:

  • Save for your medium- and long-term projects
  • Access your investments whenever you need them
  • Save for retirement beyond the RRSP contribution limit
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Not sure where to invest? Put your money in a TFSA cash account now and choose your investments later.

Access to funds

No restrictions*

You can withdraw funds from your TFSA any time, for any reason, depending on the type of investment product* you choose.

* Certain products, such as non-redeemable Guaranteed Investment Certificates (GICs), cannot be retrieved at any time.


Set up systematic savings and save hassle-free.

Minimum age

Age of majority in your province of residence

TFSAs are available to any Canadian resident who has reached the age of majority* (no age limit) and has a valid SIN

* Contribution room is accrued starting at age 18, no matter what the age of majority in your province of residence.


You haven’t reached the age of majority yet? Put your money in a high-interest savings account or an RESP.

Annual contribution limit


Your unused contribution room can be carried forward.


Hit your contribution limit? Keep saving tax-free with an RRSP.

Perfect if you're looking to:

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Build a financial cushion

Your family

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Buy a home

Your home

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Which products should you hold in a TFSA?

Choose products based on your investor profile, transfer your savings and start earning interest tax-free.

Eligible products

Guaranteed Investment Certificate (GIC)

Grow your savings and protect your initial investment.

See our GICs

Managed solutions and investment funds

Trust our team of experts with your savings.

See our managed solutions and investment funds

Self-directed investments

Take an active role in managing your investments.

Discover National Bank Direct Brokerage

Make the most of your savings with our expert advice.

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Little details that matter

Non-eligible products

The following GICs cannot be held in a TFSA:

  • Evoluterm GIC
  • Extra GIC
  • Monthly Cash Management GIC
  • TermNote Plus GIC
  • Redeemable Escalarater GIC
  • Redeemable Without Penalty GIC

Looking to invest in one of these GICs? Choose an RRSP or non-registered plan instead.

Fees and other information

For information on fees related to TFSAs, refer to our Fee Guide.

For information on rate increases or our new fee notification procedure, refer to our Fee Guide.

Also see the procedure for settling complaints about TFSA fees.

TFSA cash account

Quick contributions to your TFSA cash account can be transferred to an investment solution at any time, leaving your options open.

Type    Guaranteed principal
Term    No fixed term, transferable at any time
Risk level    Low
Minimum investment    N/A
Rate*   ${p1.taux|percent:"true"}

Start saving now

*Rates subject to change without notice. Interest is calculated on the daily balance and paid on the first Friday after the 16th of each month. If the 16th is a Thursday or Friday, interest is paid on the Friday of the following week.

Legal disclaimers

The elements presented in this text are given for information purposes only. These elements do not create any legal or contractual obligation for the National Bank and/or the entities of its group. You agree to validate the applicability and the advantageous nature of these elements with your advisor, accountant, tax specialist, or other tax planner, as the case may be.

© 2017 National Bank of Canada. All rights reserved. Any reproduction in whole or in part is strictly prohibited without prior written authorization.

Other tax-free plans


Save for retirement, buying your first home, or going back to school.

Learn about RRSPs


Receive up to $12,800 in government grants to help finance your children's education.

Learn about RESPs

See all plans
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Expert advice

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Ready to start saving?

Talk to an investment specialist or choose a plan online.

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