Navigation Menu Sign in TFSA Grow your money the smart way – with a tax-free savings account. Connect with a Sun Life advisor to learn more. Find an advisor What is a TFSA? With a tax-free savings account (TFSA), you get a registered investment or savings account that lets you put aside up to $6,000/year. Interest accumulated by this account will not be taxed. How does a TFSA work? You open a TFSA with a financial institution and deposit money or various investments. Your investments then have a chance to grow and you won’t have to pay any taxes on that growth – even when you take money out of your TFSA. Your TFSA investment options A TFSA doesn’t have to be a savings account at a bank. You can use it to invest in: bonds, stocks, mutual funds, segregated funds, insurance GICs/trust GICs and exchange-traded funds. Whether you’re saving for a dream vacation, a down payment on your first home, or retirement – a TFSA from Sun Life can help. Find out more about what you can do with a TFSA from Sun Life by connecting with an advisor near you. TFSA and taxes Do you pay taxes on a TFSA? Money deposited into a TFSA have already been taxed. That’s why you won’t need to pay tax when you make withdrawals in the future. Plus, you don’t pay tax on any income you earn in your TFSA. For this reason, money in a TFSA is not tax deductible. For tax-deductible retirement savings, we recommend you check out a registered retirement savings plan (RRSP) from Sun Life. TFSA contributions How much can you put in a TFSA? What’s the TFSA limit for 2021? What were the TFSA limits over the years? What if you’ve never contributed to a TFSA before? What can you do with unused TFSA contribution room? Can you lose your TFSA contribution room? TFSA withdrawals How much money can you take out of your TFSA each year? Can you take money out of a TFSA whenever you want? Can you re-contribute your TFSA withdrawals? What if you moved a TFSA from one financial institution to another by withdrawing and then re-depositing? Is there a penalty for a TFSA over-contribution? How do you avoid over-contributing to your TFSA? Learn more about TFSA contributions and withdrawals. TFSAs and RRSPs What happens if you max out your TFSA? What if you’ve maxed out both your RRSP and TFSA? How to open a TFSA and start investing Any Canadian resident who’s 18 or older with a valid social insurance number (SIN) can open a TFSA. Our advisors are ready to help you open your Sun Life TFSA. They can help you make well-informed financial decisions and maximize your savings. They can also address any questions and concerns you may have. Talk to your advisor or find an advisor near you to learn how a tax-free savings account fits into your financial future. Remember, there’s no cost to talk to an advisor. Find an advisor to open a TFSA from Sun Life Even more about TFSAs from Sun Life: Get more answers to frequently asked questions about TFSAs. 6 TFSA facts worth knowing 6 really useful things you can do with your TFSA Quick links Sign in / Register Submit or track a claim Find a form 欢迎访问永明金融网页 Plan sponsors & advisors Advisor site SLFD Advisor hub Plan advisor site Plan sponsor site About us Who we are Newsroom Sustainability Donations and sponsorships Careers Become an employee Become an advisor Student and new graduate programs Contact us Contact us Support Talk to an advisor Life’s brighter under the sun Legal Privacy Security Accessibility We acknowledge that Sun Life operates in many Territories and Treaties across Canada. Our Canadian headquarters in Waterloo are on the traditional territory of the Anishnaabeg, Haudenosaunee Confederacy and the Mississaugas of the Credit First Nations. Today, Canada is still the home to many Indigenous, First Nations, Inuit, and Metis peoples from all across Turtle Island. We are grateful to have the opportunity to work in this territory. We offer this acknowledgment as a stepping stone towards honouring the original occupants, as a testimony to the oppression faced by Indigenous peoples, and our commitment to Indigenous communities and employees of Sun Life. © Sun Life Assurance Company of Canada. All rights reserved. SLF 1The TFSA contribution limit has changed over the years. 2009-2012 - $5,000; 2013-2014 - $5,500; 2015 - $10,000; 2016-2018 - $5,500; 2019 - $6,000. For future years, the amount may be increased in increments of $500 to correspond with the rate of inflation. 2Beneficiary designations are not permitted in Quebec for GIC or mutual fund TFSAs.