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Tax-Free Savings Account (TFSA)

LIMITED TIME OFFER

Invest for Any Goal in a TFSA.
Plus, Get Up to $10,000 in Travel Valuelegal disclaimer †

Build an emergency fund, complement your RRSP or invest for another goal in a flexible TFSA. Pay no taxes on your investment earningslegal disclaimer 4,legal disclaimer 9—and even catch up on missed contributions.

  1. Step 1 Open an RBC TFSA and/or another by March 31, 2026.
  2. Step 2 Contribute or transfer-in funds in within one or more eligible accounts by May 29, 2026.

    Ways to contribute:

    • Make lump sum contributions of at least $5,000, or
    • Set up and process pre-authorized contributions (PACs) of $500+ per month
    • Or do a combination of both
    Transfers can be from your personal RBC bank account or another .
  3. Step 3 Be an Avion Rewards member by May 29, 2026 (if you're not already a member). It’s free and easy to join.
Maintain your minimum contribution balance and/or pre-authorized contributions until February 28, 2027.

We’ll deposit your Avion points into your Avion Rewards account in four payments. Each payment will be made within eight weeks after: May 31, 2026; August 31, 2026; November 30, 2026; and February 28, 2027.

Earn 1 Avion point for every $2 dollars invested, plus 12,500 bonus points —up to 500,000 Avion points!

Qualifying Net Contributions (CAD): Avion points you will receive: Value (CAD):
$5,000 (minimum) 15,000 $350 (round-trip flight for a quick getaway)
$45,000 35,000 $750 (round-trip flight to explore North America)
$105,000 65,000 $1,300 (round-trip flight to visit Europe)
$975,000 500,000 $10,000 (5 round-trip flights to see the world)

You can also redeem points for hotels, car rentals, gift cards, merchandise, cash contributions to an RBC Direct Investing account, to pay for trade commissionslegal disclaimer 16 and more!

Conditions apply. See full offer terms and conditions.

What is a TFSA?

A Tax-Free Savings Account (TFSA) is a powerful registered investment accountyou can use to save for any big-ticket item or goal – tax free. If you like more flexibility and less taxes, consider opening a TFSA.

Here’s why 60% of Canadians invest in a TFSA1:

  • Pay no taxes on any investment earnings4
  • Contribute even if you’re retired or not employed
  • Contribute for as long as you want to—there’s no age limit
  • Make up for missed contribution room from previous years indefinitely
  • Withdraw your money at any time for any reason2
  • Use a TFSA to save for anything while also saving for retirement in an RRSP

Benefits When You Invest With RBC

Free Digital Tools to Help You Plan & Save

See all your money in one place, get tips and save automatically with smart tools such as MyAdvisor and NOMI Find & Save.

Advice When You Need It

Speak with an advisor in person, by phone or over video chat6 - whether you're investing $50 or $5,000.

How a TFSA Works

From opening an account—to withdrawing money—here's how a TFSA can help you reach your goals:

A TFSA is a type of registered investment account, which means you can hold income-generating investments in it versus just cash (like a savings account).  

The types of investments you can buy in your TFSA depend on where you open an account. You also want to consider your reasons for investing and your appetite for risk when choosing investments.

  • RBC Royal Bank: ideal if you want investment advice and access to an advisor – in-person, by phone or over video

  • RBC Direct Investing opens in new window  : Ideal if you want to make your own investment decisions

    • Offers stocks, options, Exchange-Traded Funds (ETFs), mutual funds, bonds and GICs

  • RBC InvestEase opens in new window  : Ideal if you want to invest online and access Portfolio Advisors

    • Offers ETF portfolios designed for different investors (each portfolio holds a diverse mix of ETFs)

Ways to Invest Your Money at RBC

Tip: At RBC, you can open a TFSA with any amount you are comfortable with. Remember to keep the contribution limits in mind.

Since the money you earn from investments you hold in a TFSA (interest, dividends or capital gains) is not taxed, it has the opportunity to grow faster than it would in a non-registered account.

Another way to save faster is by setting up regular (weekly, monthly, etc.) automatic contributions into your TFSA.

  • You decide how much to save and how often—weekly, bi-weekly, monthly—it’s up to you. Be mindful of your available TFSA contribution room when setting up automatic contributions.
  • Contributions are automatically debited from your bank account (at RBC or another financial institution)
  • You can change how much you want to save, how often you contribute, and stop or pause your contributions at any time

While you can take money out of a TFSA for any reason (a car, your wedding, retirement, etc.), your timing does depend on the investments you hold in it. For example, non-redeemable GICs must be held until maturity.

Here are a few other things to know:

  • You won't have to pay tax on money you take out.
  • Withdrawals won’t reduce benefits and credits you’re eligible to receive from the Federal Government, such as Old Age Security (OAS).
  • Withdrawals get added back to your unused contribution room. However, you have to wait until the next year or later to re-contribute these amounts.

One of the best things about a TFSA is you can use it to save for anything you want. For tips and advice to help reach your goals, explore our “how to” guides:

Numbers to Know

$0

Taxes you'll pay on TFSA earnings

$7,000

2025 TFSA contribution limit

$102,000

Maximum TFSA contribution limit3

How Your Money Can Grow in a TFSA vs. a Savings Account

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

How Your Money Can Grow in a TFSA vs. a Savings Account1.

Select a province
Enter a number from 1 to 500,000

Your TFSA lifetime contribution limit is $88,000.
Select a frequency

Contribution Rules, Fees & More

TFSA Rules and Contributions

TFSAs are flexible, but there are a few details you should know.

Read More about TFSA rules and contributions

TFSA vs RRSP vs FHSA

Explore the features and benefits to discover how each account can help you reach your goals.

Compare Accounts TFSA vs RRSP vs Savings

TFSA Fees

If you transfer your current RBC TFSA to a financial institution outside RBC (and its affiliates), a $150.00 fee will apply.

Offer & TFSA FAQs

To participate in this offerlegal disclaimer *, you must:
  • Not currently hold one of the as of December 1, 2025 (previous eligible accounts that were closed prior to the start of the qualifying period do not impact your eligibility)
  • Open one or more between December 1, 2025 and March 31, 2026
  • Be a Canadian resident and at least the age of majority in your province/territory when you open your eligible account(s)
  • Be an Avion Rewards member by May 29, 2026 (if you're not already a member). It’s free and easy to join.
No, you are not required to have a personal RBC bank account to receive this offer.legal disclaimer *
If you have met all the qualifying conditions of the offerlegal disclaimer *, we’ll deposit your Avion points into your Avion Rewards account in four payments. Each payment will be made within eight weeks after:
  • May 31, 2026
  • August 31, 2026
  • November 30, 2026
  • February 28, 2027
You’ll get 12,500 Avion points, plus 1 Avion point for every $2 dollars invested—up to 500,000 Avion points!
Qualifying Net Contributions (CAD): Avion points you will receive: Equivalent Value (CAD):
$5,000 (minimum) 15,000 $350 (round-trip flight for a quick getaway)
$45,000 35,000 $750 (round-trip flight to explore North America)
$105,000 65,000 $1,300 (round-trip flight to visit Europe)
$975,000 500,000 $10,000 (5 round-trip flights to see the world)
You can also redeem points for hotels, car rentals, gift cards, merchandise, cash contributions to an RBC Direct Investing account, to pay for trade commissionslegal disclaimer 10 and more!

You must be a member of the Avion Rewards program (Avion Elite or Avion Premium membership level) before May 29, 2026 to receive the Avion points. It’s free and easy to join.

To learn more about Avion Rewards and the value of your points, visit the Avion Rewards site.
Yes, your contributions may be spread across and/or to meet the qualifying criteria for this offer.legal disclaimer *

In general, you can:
  • Make lump sum contributions that equal to at least $5,000, or
  • Set up and process pre-authorized contributions (PACs) of $500+ per month, or
  • Do a combination of both
Transfers can be from your personal RBC bank account or another financial institution.

For example, if you open an eligible account through RBC Royal Bank (an RBC TFSA or RRSP, for instance), you may contribute $2,500 into savings deposits and $2,500 into a 2-year term GIC, and your total of these investments would meet the qualifying criteria.

Alternatively, you can also set up pre-authorized contributions in RBC mutual funds (distributed by Royal Mutual Funds Inc.).

If you open an eligible account through RBC Direct Investing (an RBC Direct Investing TFSA or RRSP, for instance), you can make cash deposits and purchase securities listed on a U.S. or Canadian exchange, including:
  • Stocks and Options
  • Exchange-Traded Funds (ETFs)
  • Mutual Funds
  • Guaranteed Investment Certificates (GICs)
  • Bonds
  • And more …
To check if you’re already an Avion Rewards member, go to www.avionrewards.com or download the Avion Rewards app and sign in with your RBC Online Banking account.
  • If you are already a member, you’ll be directed to your home page to see your points balance.
  • If you are not already a member, your sign in attempt will activate your account.
To qualify for this offerlegal disclaimer *, you must be an Avion Rewards member (at the Avion Elite or Avion Premium membership level before May 29, 2026). To ensure you’re an Avion Rewards member at the Avion Elite or Avion Premium membership level:
  • Become an RBC client by opening an eligible product.
  • Sign in to Avion Rewards using your RBC Online Banking login to activate your membership. (You can become a Premium or Elite member depending on what account or card you have.)
See All Offer FAQs

No. Withdrawals can be made tax-free and will not increase your income for the year. Since withdrawals are not taxed or considered taxable income, there will be no impact to your income-tested benefits and credits from the Federal Government, such as Old Age Security (OAS) and Guaranteed Income Supplement (GIS) or credits such as the Age Credit.

There is a service fee of $150.00 for the transfer of property from a TFSA to a company that is not a subsidiary of Royal Bank of Canada. This fee is subject to change. In the event this fee changes or new fees are introduced, RBC will notify clients by mail or electronically at least 30 days before the effective date of the change.

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.

Withdrawals you make in the current calendar year will be added to your unused contribution room. You must wait until the following calendar year or later to re-contribute these amounts.

You can contribute to an existing TFSA:

The limit for 2025 is $7,000, plus any unused contribution room you may have from prior years you were eligible to contribute. Below are the contribution limits for each year since the TFSA was introduced:

Year Contribution Limit Per Year
2009 - 2012 $5,000
2013 - 2014 $5,500
2015 $10,000
2016 - 2018 $5,500
2019 - 2022 $6,000
2023 $6,500
2024 $7,000
2025 $7,000

Canada Revenue Agency (CRA) tracks and reports this amount through the “My Account” function on the CRA web site external site opens in a new window.

See All FAQs

Invest in a TFSA Today

Choose how you’d like to invest in a TFSA from the following options:

Other Ways to Invest

Make my own investment decisions

RBC Direct Investing

Let the pros invest for me:

RBC Direct Investing

The Travel Value of $10,000 is based on an Air Travel Redemption from the Air Travel Redemption Schedule that is only available to Avion Elite Members. Air Travel Reward redemptions from the Air Travel Redemption Schedule start at 15,000 Avion points for a round trip short-haul flight within or to an adjacent province/territory or within or to an adjacent U.S. State with a maximum ticket price of $350. All applicable taxes, service fees and surcharges are the responsibility of the traveller.

All Avion Rewards members with the exception of Personal ION Accounts, Avion Rewards Core Product Accounts and Avion Select members may redeem Points for an RBC Travel Reward at the rate of 100 Points per $1.00 CAD to pay for all or part of your booking, including associated taxes and fees. A minimum of 1,000 Points must be redeemed. A service charge and other conditions may apply.

If you have a Personal ION Account or an Avion Rewards Core Product Account, you may redeem your Points for an RBC Travel Reward at the rate of 100 Points per $0.58 CAD to pay for all or part of your booking, including associated taxes and fees. A minimum of 2,500 Points must be redeemed. A service charge and other conditions may apply. Please refer to the Avion Rewards Terms and Conditions for a list of eligible products and respective travel redemption rates.

Redemption rates vary depending on redemption category. For general redemption terms, conditions and restrictions that apply to the Avion Rewards program, please visit avionrewards.com or call 1-800 ROYAL 1-2 (1-800-769-2512).
RBC 2021 Financial Independence in Retirement Poll. Findings from the 30th annual RBC RRSP Poll, conducted by Ipsos from December 10 to 17, 2019 on behalf of RBC Financial Planning, through a national survey of 2,000 Canadians aged 18+ who completed their surveys online. Quota sampling and weighting are employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±2.2 percentage points had all Canadian adults been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
While you can take money out of a TFSA for any reason, your timing does depend on the investments you hold in it. For example, non-redeemable GICs must be held until maturity.
The maximum contribution room of $102,000 applies if you open your first TFSA in 2025, provided you were at least 18 years old, and a Canadian resident in 2009, and have remained a Canadian resident since then. If you have more than one TFSA, your contribution room is shared across all accounts. It is your responsibility to ensure that you do not exceed your contribution limit each year. If you over-contribute to your TFSA, you may have to pay a penalty tax.
Assets in a TFSA must be Qualified Investments under the Income Tax Act. If the TFSA holds non-Qualified Investments, it could be subject to tax.
Royal Bank of Canada and Royal Mutual Funds Inc. (RMFI) make no warranties, express or implied, as to the accuracy or completeness of the information contained herein.

Royal Bank of Canada and RMFI shall not be liable for any losses or damages arising from any errors or omissions in information contained in this calculator.

Financial planning and investment advice are provided by RMFI. Mutual Funds are sold by RMFI. RMFI, 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. RMFI is licensed as a financial services firm in the province of Quebec.

Information about the Tax-Free Savings Account is based on what is currently available from the Canadian government and can be subject to change.
RBC Mobile is operated by Royal Bank of Canada, RBC Direct Investing Inc. and RBC Dominion Securities Inc.
Through MyAdvisor.

MyAdvisor is an online platform from RBC where you can view your financial information including visual representations (charts and graphs) of your retirement readiness, net worth, cash flow, and financial goal tracking. You can also see how varying your current approach can affect your savings and goals. The MyAdvisor platform also enables you to book an appointment with an RBC advisor and to meet with your advisor using video chat or phone to open new accounts, including investment accounts, and get advice on meeting your financial goals. Investment advice provided by RMFI may be delivered through the MyAdvisor platform.
The commission fee detailed in the Commission and Fee Schedule as applicable to Stocks and ETFs will be waived for ETFs listed as eligible for commission free trading at the time an order is placed. The list of ETFs eligible for commission-free trading is not guaranteed and may change from time to time. The standard commission fee may be applied to ETFs not listed as eligible for commission-free trading at the time an order is placed. The inclusion or exclusion of any ETF under commission-free trading does not constitute a recommendation by RBC Direct Investing to purchase or sell such securities. RBC Direct Investing Inc. does not provide investment advice or recommendations regarding the purchase or sale of any securities. Investors are responsible for their own investment decisions.
Mutual fund companies may assess additional fees — for example, deferred sales charges on back-end load funds, early redemption fees, setup fees and fees for insufficient funds on pre-authorized purchases.
Provided you make Contributions in such amounts as are permitted under the Tax Act, excess contributions are taxable. It is your sole responsibility to ensure that the amount of Contributions is within the limits permitted under the Tax Act.
Assets in an RRSP must be Qualified Investments under the Income Tax Act. If the RRSP holds non-Qualified Investments, it could be subject to tax.
Your contribution room determines the maximum amount that you can contribute to your RRSP. You can find your most up-to-date contribution room through CRA online services such as My Account and the MyCRA mobile app.
Assets in an FHSA must be Qualified Investments under the Income Tax Act. If the FHSA holds non-Qualified Investments, it could be subject to tax.
Pay no taxes on “qualifying withdrawals” made under the First Home Savings Account registered plan for “first-time home buyers” buying a “qualifying home”. Conditions for making a “qualifying withdrawal” must be satisfied at the time of making a withdrawal from your FHSA, otherwise your withdrawal will be treated as a taxable withdrawal. For details see Canada Revenue Agency First Home Savings Account.
With the Canada Education Savings Grant (CESG), for an eligible beneficiary until the end of the calendar year they turn 17, the government matches 20% on the first $2,500 contributed annually to an RESP. The maximum total CESG the government will give, up to age 18, is $7,200 per beneficiary. With the Canada Learning Bond (CLB) for an eligible beneficiary, the government pays an initial $500 contribution in an RESP and a beneficiary may also be entitled to receive an additional $100 a year up until the age of 15. The maximum total CLB payable is $2,000. A contribution is not required to an RESP to receive the CLB. The total maximum CLB payable per child is $2,000.
Using borrowed money to finance the purchase of securities involves greater risk than using cash resources only. If you borrow money to purchase securities, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the securities purchased declines.
The Avion Rewards program is offered by Royal Bank of Canada and is subject to the Avion Rewards Terms & Conditions. You may only use your Avion points through RBC Direct Investing to: (1) pay for commissions on trades placed online or through the RBC Mobile app in Canadian or U.S. stocks, ETFs and options in your eligible RBC Direct Investing accounts; or (2) transfer points to deposit or make cash contributions in CAD to your eligible RBC Direct Investing accounts. It is your responsibility to make sure you have sufficient contribution room within your registered plan when redeeming points for cash in CAD to contribute to your registered accounts and/or when you use your Avion points to pay for commissions on trades placed in Canadian or U.S. stocks, ETFs and options in a registered account. The Canada Revenue Agency may apply tax penalties for over-contributions. RBC Direct Investing is not responsible for any such penalties.
Up to C$200 in transfer fees will be covered when you transfer C$15,000 or more to RBC Direct Investing from an investment account held at a financial institution that is not affiliated with RBC. Clients must provide proof of transfer fee payment to RBC Direct Investing within six months of transfer to be eligible for reimbursement. Please contact an RBC Direct Investing representative for more details at 1 800-769-2560.
For Royal Circle and Royal Distinction members up to C$500 in transfer fees will be covered when you transfer C$15,000 or more from an investment account held outside RBC Financial Group to RBC Direct Investing. Proof of transfer fee payment must be provided.