How an automatic TFSA savings plan works

With regular, automatic contributions to your TFSA, you’ll never forget to make your contribution or be tempted to spend the money on something else. Here's how it works:

• You can open a TFSA with as little as $100 and set up automatic contributions of $25 per month or more.
• Your contributions are automatically debited from your chequing or savings account at RBC^® or another financial institution.
• You can make contributions weekly, biweekly, semi-monthly, monthly, quarterly, semi-annually or annually—whatever works best for your budget.
• You can adjust your contribution amount and frequency (even put it on hold) at any time. All it takes is one phone call.
• You can hold a variety of investments in your TFSA, including mutual funds, GICs and saving deposits.

Eligibility for a TFSA

To open a Tax-Free Savings Account, you must be a Canadian resident age 18* or older with a Social Insurance Number.

*Note: The age of majority is 19 for residents of Newfoundland and Labrador, New Brunswick, Nova Scotia, British Columbia, Northwest Territories, Yukon and Nunavut, which may delay the opening of a TFSA. However, the accumulation of contribution room will start at age 18.