Benefits of a TFSA

Tax-Free Savings Can Add Up Faster

Growth Inside vs Outside a TFSA

The chart shows how $6,000 contributed annually, earning 6% interest, can grow faster within a TFSA.

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

TFSA Calculator

Try the TFSA calculator to see how much more you could save in a TFSA vs. a taxable account1.

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TFSA contribution limit is $6,000. Please lower your yearly contribution.
TFSA contribution limit is $6,000. Please lower your yearly contribution.

TFSAs Simplified

TFSAs can be complex. Here's a defintion so simple, even a kid can explain it.

What Else Should I Know?

TFSA Rules and Contributions

TFSA vs RRSP or eSavings


Explore top TFSA questions.

Any Canadian resident with a Social Insurance Number (SIN) who has reached the age of majority (18 or 19, depending on the province) can open a TFSA. Unlike an RRSP, you do not have to earn an income to make contributions to a TFSA.

Note: If you must wait until age 19 to open a TFSA, your accumulation of contribution room still starts at 18. (This applies to residents of Newfoundland and Labrador, New Brunswick, Nova Scotia, British Columbia, Northwest Territories, Yukon and Nunavut.)

An RBC TFSA can hold a variety of investments, including Guaranteed Investment Certificates (GICs), mutual funds, portfolio solutions and savings deposits. You can also invest in stocks and bonds through RBC Direct Investing™ and RBC Dominion Securities. An RBC advisor can help you decide which investments will best serve your needs.

Below are the contribution limits for each year the TFSA has been around:

Year Contribution Limit Per Year
2009 - 2012 $5,000
2013 - 2014 $5,500
2015 $10,000
2016 - 2018 $5,500
2019 $6,000

Yes, you can set up an RBC TFSA-Matic®, which lets you manage the frequency and amount of contributions to your TFSA using funds from your RBC Royal Bank chequing or savings account.

You can start, change or pause/stop your TFSA-Matic contributions in one of three ways:

  • Sign in to Online Banking: Choose your TFSA, and click "Manage Pre-Authorized Contributions" from the left menu.
  • Call us any time at 1-800-463-3863, for information and advice.
  • Visit your branch or call 1-800-769-2511 to make an appointment

Try the TFSA calculator to see the benefits of regular, ongoing contributions.

Ready to Invest?

Open or contribute to your TFSA today!