Open a Tax-Free Savings Account (TFSA)
Description
A TFSA is a specialized account where your savings grow tax-free. In 2026, the annual limit is $7,000. It's the best way to save for emergencies or a future home in Canada.
In person
30–45 min
Online
20–30 min
What to do
1.
Contact your financial institution to open a TFSA account
2.
Verify your contribution room in your CRA My Account (starts at $7,000 for 2026)
3.
Set up an automatic monthly contribution — even $25 helps build the habit
Warnings
BC Age of Majority (19)
- In BC, you must be 19 to sign a contract for a TFSA. If you are 18, your room still grows, but you must wait until you turn 19 to open the account.
Tips
TFSA room carries forward indefinitely
Any unused TFSA contribution room from prior years rolls over and accumulates. If you contribute $3,500 in 2026, the remaining $3,500 plus future annual limits carry forward — you never lose room.
Withdrawals restore your room next year
If you withdraw money from your TFSA, that amount is added back to your contribution room on January 1 of the following year — so it's safe to use for emergencies.