Open a Tax-Free Savings Account today.

Save for your retirement with a TFSA.

A Tax-Free Savings Account (TFSA) is a great way to help meet your short- and long-term goals, including a comfortable retirement. That's because investment income in a TFSA is not taxed, even when withdrawn. This tax-free compound growth means that your money grows more quickly inside a TFSA than in a taxable account (see chart below).

Setting up regular TFSA contributions is easy

By making regular, automatic contributions to your TFSA, it could be easier for you to make the maximum contribution each year, which means you'll be making the most of your TFSA's tax-free growth opportunity.

Tax-free savings can add up faster

The chart below shows how $5,000 contributed annually, earning 6% interest per year can grow within a TFSA vs. outside of a TFSA.

Assumes tax rate of 32% outside TFSA, with interest income taxed annually. All conributions made at beginning of year. Annual compound rate of return of 6%. For illustration only and not indicative of future returns. Actual tax rates and rates of return will vary.

Financial planning services and investment products such as mutual funds are offered through Royal Mutual Funds Inc. (RMFI) and guaranteed investment certificates and credit products are offered through Royal Bank of Canada. RMFI, RBC Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada, The Royal Trust Company and Phillips, Hager & North Investment Management Ltd. are separate corporate entities which are affiliated. Royal Mutual Funds Inc. is licensed as a financial services firm in the province of Quebec.