Wealthsimple TFSA
Open a Tax-Free Savings Account
Save or invest tax-free, with flexible options that fit how you want to manage (and grow) your money.
Have big goals? Save, invest, and trade — with no commissions, by the way — in a TFSA for tax-free growth and anytime withdrawals.
Key features of a TFSA
Any interest income, dividends, or capital gains earned in the account are not taxed, and withdrawals can be made tax-free. This applies no matter how much your investments grow inside the account.
4 million Canadians save, grow, and trade here. You’re invited to join them — open a TFSA today.
TFSA , RRSP or FHSA: Which account is right for me?
| TFSA | RRSP | FHSA | |
|---|---|---|---|
| Helps you save for | Big purchases or retirement | Retirement | First home purchase |
| Eligibility | 18 or older | 18–71 years old | 18–71, first-time home buyer |
| Annual contribution limit | $7,000 for 2026 | 18% of prior year's earned income, up to $33,810 for 2026 | $8,000 for 2026, $40,000 lifetime maximum |
| Tax impact on contributions | None | Deducted from taxable income | Deducted from taxable income |
| Tax impact on withdrawals | Growth and withdrawals are tax-free | Taxed as income (with some exceptions) | Tax-free for qualifying first-home withdrawals |
| Contribution deadline | December 31st but can carry forward | 60 days after December 31st | December 31st but can carry forward |
| Government benefits | No impact on other benefits | Withdrawals may impact other government benefits based on income | No impact if used for a qualifying home purchase |
| Withdrawal stipulations | None | Must withdraw to RIF at 71 | Must be used for a qualifying first-home purchase to stay tax-free |
| Open a TFSA | Learn about RRSPs | Learn about FHSAs |
How to use your TFSA
With Managed investing, we do the heavy lifting. Tell us your goals and timeline and we’ll invest your money in a diverse range of assets.
This year, $7,000 was added to your TFSA’s annual limit. But your contribution limits stack up year after year after year — which means you could have up to
of room to grow
Transfer your TFSA to Wealthsimple. It’s easy, painless, and often, we’ll cover any transfer fees.
Video showing the Wealthsimple app's account transfer process.
FAQs
How does a TFSA work?
How does a TFSA work?
A TFSA is a registered account that you can open and deposit cash (or securities from another account) into, and lets you start saving and investing in things like stocks, ETFs, and fixed income products to (hopefully) grow your savings, tax-free.
What investment can I hold in a TFSA?
What investment can I hold in a TFSA?
If you’re familiar with other registered accounts, the same type of investments can be held in a TFSA. These include cash, stocks, bonds, GICs, and mutual funds.
Are there different ways I can invest using a TFSA?
Are there different ways I can invest using a TFSA?
Yes, and that flexibility is a major perk. Here are 3 ways you can use a TFSA to reach your goals, whatever they may be:
- With Managed investing, we do the heavy lifting. Tell us your goals and timeline and we’ll invest your money in a diverse range of assets.
- Independently trade stocks and ETFs with a Wealthsimple Trade account, which allows you to buy and sell over 14,000 stocks and ETFs commission-free. You can automate your investments, and start trading right away with up to $250,000 in instant deposits.
- Open your TFSA as a high interest savings account. You can earn up to 2.25% interest on your savings without the risk of stock market fluctuations — and you can withdraw at any time, too.
How do I transfer an existing TFSA to Wealthsimple?
How do I transfer an existing TFSA to Wealthsimple?
Hey, great idea. You can transfer your TFSA to Wealthsimple by following these easy steps. Better yet, if you move more than $25,000, we’ll cover your transfer fees. Conditions apply.
What is TFSA contribution room?
What is TFSA contribution room?
Contribution room is the amount available to you to add money or securities up to a specific value. The total amount you can contribute to a TFSA (assuming you were 18 or older and a resident of Canada in 2009) is $109,000. Otherwise, if you turned 18 after 2009, contribution room starts the year you turn 18, or the year you became a Canadian resident and accumulates every year after. The annual dollar limit can change, so it’s important to stay up-to-date on what that amount is.
How much TFSA room do I have?
How much TFSA room do I have?
Your contribution room depends on when you opened your TFSA and how old you were in 2009. While the contribution room is cumulative, it’s important to remember that if you withdraw funds in a calendar year, you won’t have access to that room until the following calendar year. If you’re unsure, you can always login to your MyCRA Account and find your remaining balance there.
Does my TFSA contribution room carry over year over year?
Does my TFSA contribution room carry over year over year?
Yes! If you don’t use up all of your contribution room, it will carry forward to the next year indefinitely. For 2026, you can contribute up to $7,000 plus any unused contribution room from previous years.
What’s my TFSA contribution room for this year?
What’s my TFSA contribution room for this year?
For 2026, $7,000 is being added to your contribution room.
Is a TFSA right for me? Who should open a TFSA?
Is a TFSA right for me? Who should open a TFSA?
A TFSA might be a good option for you if you have savings goals that require a withdrawal any time before retirement.
But even if you need the money for retirement, a TFSA might still make sense — especially if you’re making less than $58,523.
Lastly, remember that you’ll be the sole owner of your TFSA — there are no joint/spousal TFSAs.
