Tax-Free Savings Account (TFSA)
Save tax-free and enjoy investment returns without tax
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What is a TFSA | Why contribute | At a glance | How to contribute | Investment products | Other plans
What is a TFSA?
A TFSA is a government-registered account that allows you to grow your savings tax-free, whatever your annual income, even when you withdraw your money.
Why contribute to a TFSA?
Grow your money to help you reach your goals whether that’s a vacation, a new car, home renovations, a wedding, and more.
Build your financial cushion
Create a tax-free emergency fund to support you through life’s unexpected events such as losing your job, home repairs, health issues, and more.
Access your savings anytime, with no tax implications
Sleep soundly knowing your savings are always within reach, with no withdrawal penalty.
TFSA at a glance
$7,000
The maximum annual contribution limit for 2025 is $7,000, and any unused contribution room can be carried forward.
$102,000
If you've never contributed to a TFSA before, you could contribute up to $102,000 in 2025 1.
18 or 19 years old
TFSAs are offered to all Canadian residents who have reached the age of majority 2 and have a valid social insurance number (no maximum age).
How to open and contribute to a TFSA?
Are you already a National Bank client and have access to your online bank? Sign in and start investing today.
Open a TFSA from your online bank
Complete our secure online form to contribute to your TFSA.
Open a TFSA via our direct brokerage platform
Are you a self-directed investor? Complete our secure online form and contribute to your TFSA via your brokerage account.
Not a client yet?
Our team is here to help you open your TFSA.
Save effortlessly with systematic savings. Your transfers are automatically deposited into your TFSA. You can also access your online bank and contribute directly to an existing TFSA.
Our investment products for your TFSA
Grow your TFSA with investment solutions that match your goals.
Cash Advantage Solution
Protect your savings while benefiting from an interest rate that increases across different tiers.
Guaranteed Investment Certificate (GIC)
Opt for a GIC as a secure investment that offers a pre-determined return from day one.
Portfolio solutions
Invest in a diversified and comprehensive range of investment funds with our NBI Portfolios and NBI Sustainable Portfolios.
Other tax-sheltered plans
RRSP
Save and reduce your annual taxable income. You could also save on taxes in the year you contribute.
FHSA
The FHSA is a tax-free savings account designed to help you buy your first home.
RESP
Save for your children’s education and receive up to $12,800 in government grants.
We’re here for you
Ready to contribute?
Contribute online or speak with one of our advisors to choose the best plan for you.
1-888-270-3941
Monday to Thursday,
8 a.m. to 6
p.m. (ET)
Friday, 8 a.m. to 5 p.m. (ET)
Got a question about TFSAs?
Visit our help centre to get the answers you're looking for.
Little details that matter
1. Since 2009, the TFSA contribution room accumulates each year if, at any point during the calendar year, you are 18 years of age or older and a resident of Canada. You will not accumulate TFSA contribution room for any year in which you were not a resident of Canada.
Annual contribution limit:
2009: $5,000
2010: $5,000
2011: $5,000
2012: $5,000
2013: $5,500
2014: $5,500
2015: $10,000
2016: $5,500
2017: $5,500
2018: $5,500
2019: $6,000
2020: $6,000
2021: $6,000
2022: $6,000
2023: $6,500
2024: $7,000
2025: $7,000
2. Age of majority by province:
18 years old: Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Prince Edward Island
19 years old: British Columbia, New Brunswick, Nova Scotia, Newfoundland and Labrador, Yukon, Northwest Territories, Nunavut
To learn about TFSA fees, please consult the Fee Guide – Personal Banking Solutions under Other Fees.
To learn about our process for notifying you of fee increases or new fees, please refer to the Interest and Fees section of our Personal Bank Holding Agreement.
If you are dissatisfied with our service, please consult our Complaint settlement page.
Learn more about the TFSA on page 3 of the Account application form.
Save for your medium- and long-term projects