Open a TFSA

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Open a TFSA in your online bank

Your funds will be invested in mutual funds managed by portfolio managers.

Open a TFSA via our direct brokerage platform

Self-directed investor? Complete our secure online form and contribute to your TFSA via your brokerage account.

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Speak with an advisor to find a tailored solution for you.

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
  • Grow your money tax-free
  • Save for retirement beyond the RRSP contribution limit
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Save effortlessly with systematic savings. Your payments are automatically deposited into your TFSA. You can also access your online bank and contribute directly to an existing TFSA.

Initial deposit and withdrawal amounts

$500 minimum withdrawal

A minimum deposit of $1,000 is required when you open a TFSA. The minimum withdrawal amount is $500 and you can withdraw funds at any time.*

* Depending on the investment vehicle selected. Certain products, such as guaranteed investment certificates (GICs), can only be redeemed at specific times.


Set up systematic savings and save hassle-free.

Minimum age

Age of majority in the province or territory where you live

TFSAs are offered to all Canadian residents who have reached the age of majority* and have a valid social insurance number (no maximum age).

* You begin earning contribution room from age 18, regardless of the age of majority in your province or territory.


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

Annual contribution limit


Your unused contribution room can be carried forward.

*For year 2022, the limit will be $6,500 for year 2023.


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

Cash Advantage Solution

Enjoy ready access to your money and get a competitive interest rate.

See Cash Advantage Solution

Make the most of your savings with our expert advice.

Make an appointment

Little details that matter

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.

See the new NBI TFSA agreement and NBC TFSA application form.

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

Learn more.

Ready to start saving?

Talk to an investment specialist or choose a plan online.

Open a new TFSA

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