Group Tax-Free Savings Account
The perfect account for big savings goals in a smaller timeframe.
What’s in it for your employees
Tax-free savings
Your plan members won’t need to pay taxes on any gains on investments — it’s all theirs to keep.
No withdrawal restrictions
Money can be withdrawn from the account any time, hassle-free. And their personal contribution room will reset the following year.
Future-proof flexibility
Save for a home, education, or any life expenses, big or small. There are no limits on how the funds in the account can be used.
The Group TFSA by the numbers
$102,000
The total amount someone can contribute to a GTFSA (assuming they were 18 or older and a Canadian resident in 2009). The government increases this annual contribution limit every year.
$7,000
The annual contribution limit for 2025. Unused portions can carry forward to the following year, but a 1% monthly penalty applies for every month you over-contribute until you withdraw the excess funds.
18+
The age of eligibility for a GTFSA. Unlike other investment accounts, a GTFSA doesn’t need to be converted after a certain age.
Unlimited carry-over
If a plan member doesn’t use up all their contribution room, it’ll carry forward to the next year indefinitely.
Who should open a GTFSA?
We recommend a GTFSA for those with savings goals that require a withdrawal any time before retirement.
Even if their money is needed for retirement, a GTFSA might still make sense — especially for people making less than $50,000.
Compare our top group savings accounts
The Group RRSP and Group TFSA are two of the most common accounts to save up for life’s big expenses.
Attribute | GTFSA | GRRSP |
|---|---|---|
| Helps you save for | Big purchases or retirement | Retirement |
| Eligibility | 18 or older | 18–71 years old |
| Annual contribution limit | $7,000 | 18% of previous year’s income, up to $32,490 |
| Tax impact on contributions | None | Deducted from taxable income |
| Tax impact on withdrawals | Growth and withdrawals are tax-free | Taxed as income (with some exceptions) |
| Contribution deadline | December 31st but can carry forward | 60 days after December 31st |
| Government benefits | No impact on other benefits | Withdrawals may impact other government benefits based on income |
| Withdrawal stipulations | None | Must withdraw to a Retirement Income Fund at 71 |
Why go with Wealthsimple
Easier plan management
With an intuitive and easy-to-use dashboard that integrates with most HR systems, onboarding is simple and your everyday admin is efficient and smooth.
Expert knowledge
From personalized advisor-managed portfolios to plan support whenever you need it, you and your employees are always in the best hands.
More savings
Most of your employees will pay less than 1% in management fees, meaning your team can reach their savings goals faster — while you’re saving more too.
Transferring your group plan is easy
Have an existing group plan with another provider? We’ll guide you through our seamless transfer process, and in most cases, reimburse any fees involved in transferring your accounts.
Group accounts for any savings goals
No two employees are the same — that’s why we offer a range of group account types to suit what they’re saving for.
Set your team up with more ways to save
Tell us about your company and we’ll be in touch to help you get started.