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Personal Banking > Investments > Accounts and Products > TFSA – Tax-Free Savings Account > TFSA Basics

Tax-Free Savings Account (TFSA) Basics

The RBC Tax-Free Savings Account is a versatile investment account that lets you save for any short- or long-term goal—without being taxed on your investment earnings or when you withdraw funds.

For example, you can use your TFSA to save for a new car, home renovations, a vacation, an unplanned emergency, your retirement and more.

Visit the links below to explore the in's and out's of this great new savings plan!

 

TFSA Overview

Review basic information on TFSA contribution limits, eligibility, withdrawals, tax benefits and more.

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TFSA Benefits

Discover the special features that make a Tax-Free Savings Account so useful.


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Comparing TFSAs and RRSPs

Understand the similarities and differences between TFSAs and RRSPs.



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Comparing TFSA and RBC High Interest eSavings Account

Explore the key differences and benefits of a Tax-Free Savings Account and a RBC High Interest eSavings Account.

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TFSA Guidelines

Review the key guidelines as specified by the Federal Income Tax Act.

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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.

 
 

Start Investing Today!

An RBC advisor will work with you to develop an investment plan specifically tailored to your goals.

Open a TFSA Open a TFSA

Contribute to your TFSA Contribute to
your TFSA
Contact Us Call 1-800-463-3863 Book Book an appointment with an
RBC® advisor at your local branch.
 

Information about the Tax-Free Savings Account is based on what is currently available from the Canadian government and can be subject to change.

 

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TFSA-Matic®

Try the TFSA calculator to see how easy it is to save regularly and grow your money within a TFSA.

Get Started

 
 

TFSA Fast Fact:

At RBC, we don't charge any TFSA withdrawal or annual administration fees.

 

Which goal are you saving for?