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Tax-Free Savings Account (TFSA)


Get the most from your savings – tax free

A TFSA is the perfect way to reach your savings goals faster. Creative Arts Financial offers a full range of TFSA investment options including our popular Tax-Free Investment Savings Account.


Investment Options

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TFSA Investment Savings Account

A competitive high-interest savings account with convenient access in-branch or online.

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A full range of short to long-term Guaranteed Investment Certificates (GICs) are TFSA-eligible.

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TFSA Mutual Funds, Stocks, Bonds

Diversify your TFSA investments like an expert with direct access to our wealth advisors through FirstOntario Wealth Connect in partnership with Aviso Wealth.

Advantages of a TFSA

Easily accessible savings designed to help you get ahead

A TFSA lets you save your after-tax income and pay no further taxes on those funds or investment returns.

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Lots of opportunities

Use the money for any reason you like.

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TFSA savings grow tax-free and you don’t pay tax on your withdrawals.

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​Withdrawals carry over

When you use your savings, you can re-contribute over and above your annual contribution limit.

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​Access your money any time

Withdraw money whenever you like (subject to investment restrictions).

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​Carry it forward

Unused contribution room can be carried forward to use in future years.

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​Worry-free withdrawals

Withdrawals don’t affect your eligibility for federal income-tested benefits.

TFSA Rates

All balances

Our full range of short to long-term Guaranteed Investment Certificates (GICs) are TFSA-eligible.

Top 10 TFSA Questions

A TFSA is a registered, flexible investment savings option that lets you earn tax-free investment returns. TFSAs were introduced by the federal government in 2009.

Need help choosing the right TFSA investment option for you? Connect with our Member Service Centre.

Canadian residents aged 18 and older with a Social Insurance Number can open a TFSA. There is no maximum age limit. In the year an eligible individual turns 18, they can contribute up to the full TFSA dollar limit for that year.

  • Contributions to a TFSA are not tax deductible.
  • Withdrawals from a TFSA are tax-free and do not result in lost contribution room (however, re-contributing in the same year may result in an over-contribution and a penalty tax – it is typically best to wait and re-contribute in the following year).
  • You don’t need earned income to accumulate TFSA contribution room – a fixed limit is determined annually by the federal government and available to all eligible TFSA holders.
  • There is no requirement to convert the TFSA to an income payment option (like an RRSP).
  • You have a significant savings goal like a down payment on a home, a new car, a wedding, etc.
  • You want to start saving regularly but have an income of less than $50,000 a year. In these circumstances, a TFSA may be a better option.
  • If your salary might increase soon – use a TFSA now to park your savings while you build RRSP contribution room for later, when you’ll get greater tax benefits (due to moving into a higher tax bracket).
  • You usually max out your RRSP contribution room or you are retired and have excess retirement income funds and you need another option for tax-sheltered savings.

There are no restrictions. TFSA savings can be used any time for a variety of purposes like a down payment on a home, a new car, wedding, home renovations, retirement, vacation or starting a small business.

Investment options at FirstOntario are similar to what’s available for RRSPs including a savings account, GICs, mutual funds, stocks, and bonds. You can also arrange automatic contributions to help your tax-free savings grow.

FirstOntario's Wealth Connect can make sure you get great advice to help you with your strategy.

The annual dollar limit is determined by the federal government and indexed to inflation:

Year(s) Contribution limit
2024 $7,000
2023 $6,500
2019-2022 $6,000
2016-2018 $5,500
2015 $10,000
2013-2014 $5,500
2009-2012 $5,000

If you were 18 or older in 2009 (when TFSAs were introduced), your TFSA contribution room has grown each year even if you did not file an income tax return or open a TFSA. If you turned 18 after 2009, your TFSA contribution room started in the year you turned 18 and your TFSA contribution room has accumulated every year since.

You can have more than one TFSA at any given time, but the total amount you contribute to your TFSAs cannot be more than your available TFSA contribution room for that year. It is your responsibility to know how much contribution room you have available.

Similar to an RRSP, a penalty will be assessed by the Canada Revenue Agency of 1% per month on your excess contribution.

The Canada Revenue Agency will determine the TFSA contribution room for each eligible individual based on information provided by you and your TFSA issuers. Your TFSA contribution room will be indicated on your personal income tax Notice of Assessment or reassessment.

For more information about TFSAs, visit the Canada Revenue Agency (CRA) website.

TFSA Contribution Limit

How much can you contribute?

Year(s) Contribution limit






2016-2018 $5,500
2015 $10,000
2013-2014 $5,500
2009-2012 $5,000

Please consult your Notice of Assessment or call the Canada Revenue Agency (CRA) at 1-800-959-8281 to find out your personal TFSA contribution limit. Unused contributions from previous years can be carried over and past withdrawals can be re-contributed in the following year.

For more information about contribution limits, visit the Canada Revenue Agency (CRA) website.

TFSA Calculator

Get the most from your savings – tax free.

A TFSA is the perfect way to reach your savings goals faster. Let’s get started!

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*Rates are subject to change at any time. Conditions apply. See in branch for details.

Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.

Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.