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Spend and save with no effort. 500 in everyday purchases in first three months. You want to grow your investments tax free. You want flexibility to withdraw your savings1, tax free, at any time.
You don’t even pay tax when you withdraw funds. 1 You can put that amount back into your TFSA the next year, without affecting your contribution room. No need to collapse the TFSA at a set age. Contribution limits Every year you gain contribution room in your Tax Free Savings Account. 5,500 annually in your TFSA, plus any unused contribution amount you may have accumulated.
If you’ve reached the age of majority in your province, have a social insurance number and are a tax resident of Canada, you can open a TFSA and make a contribution. You can also contribute to your spouse’s or partner’s TFSA without affecting your contribution room. Scotiabank TFSA Calculator Calculate your savings today. Money Finder Calculator Check out where your money goes.