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The best TFSAs in Canada for 2024
– moneysense.ca
Featured TFSA Accounts
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TFSA savings account
Earn 2.50% interest tax fee tax-free interest with flexible withdrawals and zero fees.
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featured
TFSA GIC rate (1 year)
Earn a guaranteed 4.05% in your TFSA when you lock in for 1 year.
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The Best TFSAs
Grow your savings with more of the best TFSA rates and accounts available in Canada.
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Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers…
How does a TFSA work?
– moneysense.ca
One of the side-effects of working for a personal finance magazine is that I’m always asked for advice. I always oblige, albeit sheepishly, without letting on that I’m still learning, too (which I freely admit here). For instance, the other day I was having lunch with some friends when we started talking about money. The exchange went something like this:
Friend: Ugh, I’m so lost when it comes to money. What should I do?
One of the greatest mistakes young people can make right now is not realize that their money can do more than just sit there.
Me: Well, do you have a TFSA?
Friend: Yes (in a proud voice).
Me: That’s great, you’re ahead of the game. What are you investing in?
Friend: W-w-what?
I then went on to explain what a TFSA really is. The tax-free savings account is not, I repeat, not just a savings account.
sponsoredMCAN Wealth 1-year non-registered GICgo to site
Interest rate: 4.05%
Minimum amount: $1,000
Eligible for CDIC coverage: Yes
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What is a TFSA?
A tax-free savings account (TFSA) should really be called a tax-free investment account…
Know your TFSA contribution limit
– moneysense.ca
The actual TFSA yearly limit was set at $5,000 back in 2009 when the investment account was first created, but it’s indexed to inflation each year and rounded to the nearest $500 to simplify things for investors. The exception was 2015, when the TFSA limit was hiked up to $10,000 for a single year before being decreased to $5,500.
Someone who has never contributed to a TFSA and was born in 1991 or earlier could have cumulative contribution room of $95,000 as of Jan. 1, 2024.
TFSA contribution limit—2009 to 2025
Year
TFSA Annual Limit
TFSA Cumulative Limit
2009
$5,000
$5,000
2010
$5,000
$10,000
2011
$5,000
$15,000
2012
$5,000
$20,000
2013
$5,500
$25,500
2014
$5,500
$31,000
2015
$10,000
$41,000
2016
$5,500
$46,500
2017
$5,500
$52,000
2018
$5,500
$57,500
2019
$6,000
$63,500
2020
$6,000
$69,500
2021
$6,000
$75,500
2022
$6,000
$81,500
2023
$6,500
$88,000
2024
$7,000
$95,000
2025
$7,000
$102,000
Investing ideas for your TFSA
TFSAs are not just for savings…
