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Tax-Free Savings (TFSAs)

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Tax free? Yes please!

A Tax-Free Savings Account (TFSA) lets you save tax-free, giving you more money in your pocket.

Why invest in a TFSA?


Calculate your way to financial freedom

A TFSA is a fantastic vehicle to help you achieve your dreams of retiring sooner. Calculate what you'll need to get there using our TFSA calculator.


Here to help you along your journey

Make sure you're on the right path achieve your financial goals and dreams. Our financial planning experts can help you create a personalized plan to maximize your TFSA growth and help you stay on track. 

Using a TFSA to save for a new home?

We have fantastic mortgage options to turn your savings into that white picket fence you've been dreaming of. Find out how a mortgage from Stride can help make that dream home a reality.

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TFSA questions? We've got answers.

For 2022, the annual TFSA limit is $6,000.  The lifetime contribution total is $81,500 (as long as you were 18 or older in 2009, per the table below). Your annual Notice of Assessment from CRA outlines your personal contribution room. Just don't forget to account for the amount you contributed in the current year. 

You never lose contribution room and if you withdraw in a particular year, you can add back the withdrawn amount the following year. For detailed information on TFSA's, please view CRA's TFSA guide for individuals

Annual and cumulative limts since TFSA inception:

Year Annual Limit Cumulative limit
2009 $5,000 $5,000
2010 $5,000 $10,000
2011 $5,000 $15,000
2012 $5,000 $20,000
2013 $5,500 $25,500
2014 $5,500 $31,000
2015 $10,000 $41,000
2016 $5,500 $46,500
2017 $5,500 $52,000
2018 $5,500 $57,500
2019 $6,000 $63,500
2020 $6,000 $69,500
2021 $6,000 $75,500
2022 $6,000 $81,500


Contributing to a TFSA is a great idea. It allows you to grow your investments, tax-free. When you withdraw funds held inside the TFSA, any income earned is not taxable. This makes it a great idea to maximize your contribution dollars. However, contributing to an RRSP may be the right choice for you if you need to reduce your tax bill, today. An RRSP provides you with a tax deduction today, while also sheltering your investment growth from taxes until you're ready to begin withdrawals. 

If this sounds confusing, don't worry! We have the experts in-house to help you plan for every scenario. Contact us today to help answer any questions you may have. 

A Tax-Free Savings Account (TFSA and a Registered Retirement Savings Plan (RRSP) are two very different government-registered accounts, but both have big tax benefits for your savings goals. 

Here's a quick breakdown of the key differences:

PURPOSE Saving for any goal Saving for retirement, education or a first home
Contributions Not tax deductible Tax deductible
growth Tax-free Tax-sheltered
withdrawals Added to future contribution room Not added to future contribution room
Age limit From the age of 18 Until the end of the year you turn 71


Not sure which one is best for you? Book a chat with one of our financial planning experts.
They'll help you choose the right option for your goals.


Grow your TFSA with expert advice

Journey Wealth is here to help you plan, grow and protect your wealth with thoughtful investment and insurance options and advice.

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