TFSA - Tax-Free Savings Account
Updated: Jun 12, 2026 · 2026The TFSA is one of the most flexible Canadian accounts. Contributions are not tax deductible, but investment growth and withdrawals are tax free.
2026 contribution limits
Annual dollar limit
- 2026 TFSA dollar limit: $7,000 CAD
- Same as 2024 and 2025 (rounded to nearest $500)
- Indexed to inflation; can stay flat across years
- You must be 18+, Canadian resident, with a valid SIN
Cumulative room
- If eligible since 2009 and never contributed: total room is $109,000 in 2026
- Unused room carries forward indefinitely
- Withdrawals add room back next calendar year
- Confirm your room in CRA My Account starting April 2026
Tax implications
Contributions
- Not tax deductible
- Excess contributions: 1% per month on the excess amount
- Track contribution and withdrawal timing carefully
Growth and withdrawals
- All growth is tax free
- Withdrawals are tax free
- Withdrawals do not affect government benefit calculations like OAS or GIS
Broker support
TFSA is widely supported across Canadian brokers.
- Wealthsimple: commonly supported
- Questrade: commonly supported
- Interactive Brokers Canada: commonly supported
- Moomoo Canada: commonly supported
Sources verified for 2026: Canada.ca TFSA pages confirming the $7,000 limit and cumulative $109,000 total since 2009.