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Personal Banking > Investments > Accounts and Products > TFSA – Tax-Free Savings Account > TFSAs and You > Is a TFSA Right for You?

Is a Tax-Free Savings Account (TFSA) Right for You?

Any Canadian resident age 18(1) or older with a Social Insurance Number can open a Tax-Free Savings Account.

That's because, unlike a registered Retirement Savings Plan (RSP), a TFSA does not require earned income to contribute. Plus, you don't have to stop contributing just because you've reached a certain age.

No matter where you are in your life stage, an RBC® advisor can help create an investment plan based on your needs.

Expand All Canadians

Expand Retiring Boomers

Expand Retirees and Seniors

Expand Married Couples/Stay-at-Home Parents

Expand University or College Students

Expand Moderate-Income Earners

 
 

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

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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.

1) 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.

 

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