{"id":57349,"date":"2018-12-31T14:00:00","date_gmt":"2018-12-31T14:00:00","guid":{"rendered":""},"modified":"2024-01-12T16:13:55","modified_gmt":"2024-01-12T21:13:55","slug":"why-tfsas-have-become-popular-investment-plans-for-newcomers","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/new-to-canada\/banking-in-canada\/why-tfsas-have-become-popular-investment-plans-for-newcomers\/","title":{"rendered":"Why TFSAs Have Become Popular Investment Plans for Newcomers"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/tfsa\/\">\n\t\t\t\t\t\t\t<span>TFSA<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Why TFSAs Have Become Popular Investment Plans for Newcomers<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By RBC<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/shutterstock_749339404_Thumbnail-default@2x-1.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/shutterstock_749339404_Thumbnail-default@2x-1.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/shutterstock_749339404_Thumbnail-default@2x-1.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/shutterstock_749339404_Thumbnail-default@2x-1.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Why TFSAs Have Become Popular Investment Plans for Newcomers &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/new-to-canada\/banking-in-canada\/why-tfsas-have-become-popular-investment-plans-for-newcomers\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/new-to-canada\/banking-in-canada\/why-tfsas-have-become-popular-investment-plans-for-newcomers\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published December 31, 2018 \u2022 3 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>Many newcomers indicate that they make it a top priority to purchase an investment product shortly after arriving in Canada. In fact, an RBC poll revealed that of newcomers living in Canada five years or less, 71 per cent of them own an investment product, with a tax-free savings account (TFSA) being the most popular option at 40 per cent.<\/p>\n\n\n\n<p>Opening up a TFSA may be a good option for new Canadians who wish to invest shortly after moving to Canada. It is designed to help you save and invest money and the return you earn is tax free. You can withdraw funds whenever you need, making it a flexible way to save for your future goals. Additionally, you don&#8217;t need to have earned an income to be able to contribute to a TFSA. So newcomers can open up a TFSA and start saving right away.<\/p>\n\n\n\n<div class=\"wp-block-columns has-border-color has-grey-border-color has-light-grey-background-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p>If you want to learn more about investing as a newcomer in Canada, make an appointment with one of our\u00a0<a href=\"https:\/\/www.rbcroyalbank.com\/dms\/enterprise\/newcomers\/meeting-place.html\" target=\"_blank\" rel=\"noreferrer noopener\">RBC Newcomer Advisors<\/a>\u00a0to see how they can assist you.<\/p>\n<\/div>\n<\/div>\n\n\n\n<p>Here&#8217;s what you need to know about TFSAs:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Eligibility<\/h2>\n\n\n\n<p>As a newcomer, you benefit from the fact that you don&#8217;t need earned income to save or invest in a TFSA. There is, however, a maximum amount of money you can deposit into your TFSA each year. All Canadian tax residents who are at least 18 years of age have the same contribution room <a href=\"https:\/\/www.canada.ca\/en\/revenue-agency\/services\/tax\/individuals\/topics\/tax-free-savings-account\/contributions.html\" target=\"_blank\" rel=\"noopener noreferrer\">of up to $6,000 a year<\/a>. You must be the age of majority in your province of residence and have a valid Social Insurance Number to open an account.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Contributions<\/h3>\n\n\n\n<p>You don&#8217;t need to have the full $6,000 to get started. Unused contribution room accumulates and can be carried over from year to year. If you withdraw from your TFSA, the full amount of your withdrawals can be put back in future years. Just be careful, as re-contributing in the same calendar year can result in an over-contribution that is subject to penalty tax.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Tax Benefits<\/h4>\n\n\n\n<p>Income earned and TFSA withdrawals are not included as income for tax purposes. This means the TFSA offers a high degree of flexibility and will help to minimize your income tax. The money you deposit to your TFSA can help you achieve your short, medium or long term goals.<\/p>\n\n\n\n<p>A TFSA can be a great way to help save for your future. Talking to a financial advisor can help you understand the benefits of a TFSA and the investment options available to you.<\/p>\n\n\n\n<div class=\"wp-block-columns has-border-color has-rbc-bright-blue-tint-1-border-color has-white-color has-rbc-bright-blue-tint-1-background-color has-text-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-white-color has-text-color\">Check out our <a href=\"http:\/\/www.rbc.com\/newcomers\/investing-business-advice\/tfsa.html?utm_source=Discover-Learn&amp;utm_medium=referral&amp;utm_campaign=dl-158099\">Newcomer Hub video<\/a> and our <a href=\"http:\/\/www.rbcroyalbank.com\/tfsa\/tfsa-calculator.html?utm_source=Discover-Learn&amp;utm_medium=referral&amp;utm_campaign=dl-158099\">TFSA Calculator<\/a> to see how fast your savings can grow within your investment.<\/p>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-5924d7f9-71bb-4340-8d7c-1f8d3ee0db95\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Why TFSAs Have Become Popular Investment Plans for Newcomers &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/new-to-canada\/banking-in-canada\/why-tfsas-have-become-popular-investment-plans-for-newcomers\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/new-to-canada\/banking-in-canada\/why-tfsas-have-become-popular-investment-plans-for-newcomers\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-f9f1cc0d-1cb5-415d-a1f5-580fcc7e39e2\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/savings\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Savings<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/tfsa\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">TFSA<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div 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Canada<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/06\/A-newcomer-family-teaching-their-children-to-ride-a-bike.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A newcomer family teaching their children to ride a bike\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/06\/A-newcomer-family-teaching-their-children-to-ride-a-bike.jpg 6000w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/06\/A-newcomer-family-teaching-their-children-to-ride-a-bike.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/06\/A-newcomer-family-teaching-their-children-to-ride-a-bike.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/06\/A-newcomer-family-teaching-their-children-to-ride-a-bike.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/06\/A-newcomer-family-teaching-their-children-to-ride-a-bike.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/06\/A-newcomer-family-teaching-their-children-to-ride-a-bike.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/new-to-canada\/banking-in-canada\/\">\n\t\t\t\t\t\tBanking in Canada\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/life-events\/new-to-canada\/banking-in-canada\/tax-free-savings-account-tfsa-for-newcomers-your-guide-to-investing-in-canada\/\" class=\"card-title h4 mar-t-0\">Tax-Free Savings Account (TFSA) for Newcomers: Your Guide to Investing in Canada<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-5924d7f9-71bb-4340-8d7c-1f8d3ee0db95 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-5924d7f9-71bb-4340-8d7c-1f8d3ee0db95 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-f9f1cc0d-1cb5-415d-a1f5-580fcc7e39e2 {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-f9f1cc0d-1cb5-415d-a1f5-580fcc7e39e2 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>Opening up a TFSA may be a good option for new Canadians who wish to invest shortly after moving to Canada. Here&#8217;s what you need to know about TFSAs.<\/p>\n","protected":false},"author":10,"featured_media":51093,"parent":57308,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[48,94],"rbc_content_type":[31],"rbc_audience":[59],"rbc_lob_group":[71],"rbc_difficulty_level":[33],"rbc_mmm_category":[318,361,368,320,314,304,316,372],"class_list":["post-57349","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-savings","tag-tfsa","rbc_content_type-article","rbc_audience-newcomer","rbc_lob_group-investments","rbc_difficulty_level-beginner","rbc_mmm_category-banking-basics","rbc_mmm_category-banking-in-canada","rbc_mmm_category-banking-tips","rbc_mmm_category-investing","rbc_mmm_category-life-events","rbc_mmm_category-money-academy","rbc_mmm_category-new-to-canada","rbc_mmm_category-types-of-investments"],"acf":{"contently_publication_id":"158099","custom_author":"RBC","rbc_video_header":"","rbc_media_duration":"","rbc_video_keywords":"","rbc_video_description":"","rbc_video_upload_date":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"TFSAs have become popular investment plans for newcomers. 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