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Have a question about the Tax-Free Savings Account (TFSA)?

We've provided answers to the most common TFSA questions below. Don't see your question? Please call us at 1-800-463-3863.

General Questions

Expand 1. What is a TFSA?

Expand 2. What can a TFSA be used for?

Expand 3. Who is eligible for a TFSA?

Expand 4. How is a TFSA different from an RRSP?

Expand 5. What investment options are available for TFSAs?

Expand 6. Do I need to have a particular income level to take advantage of a TFSA?

Expand 7. Can I open a joint TFSA account?

Expand 8. Is the TFSA available to be opened in the name of a business, incorporated or not?

Expand 9. Will the TFSA have any impact on my government guaranteed income supplements?

Expand 10. Will a TFSA replace my other savings accounts?

Contribution Questions

Expand 11. How much am I allowed to contribute per year?

Expand 12. If I am earning no income, can I still make contributions to my TFSA?

Expand 13. If I am unable to contribute in a given year, will I be able to use my unused contribution room in a future year?

Expand 14. What happens if I over contribute for the year?

Expand 15. How will I know what my TFSA contribution room is for a given year?

Expand 16. Is there a lifetime contribution limit?

Expand 17. Can I contribute to my spouse or common-law spouse's TFSA?

Expand 18. If I give funds to my spouse to contribute to his or her TFSA, who will get the income, me or my spouse?

Withdrawal Questions

Expand 19. Can I withdraw the money I've contributed to my TFSA for any purpose or for specific circumstances?

Expand 20. How often can I withdraw from my TFSA?

Expand 21. Are withdrawals subject to income tax?

Expand 22. If I withdraw money from my TFSA, can I re-contribute this withdrawn amount later on in the tax year?

Additional Questions

Expand 23. If there is a breakdown of a marriage or common-law partnership, what will happen to my TFSA?

Expand 24. How are capital losses treated in a TFSA?

Expand 25. Can I transfer investments “in-kind” into an RBC TFSA?


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

There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Please read the Fund Facts before investing. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated.

Financial planning services and investment advice are provided by Royal Mutual Funds Inc., a member company under RBC Wealth Management. Royal Mutual Funds Inc., RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities, which are affiliated. Royal Mutual Funds Inc. is licensed as a financial services firm in the province of Quebec.


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