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Tax-free savings account (TFSA)

Grow your savings tax-free in an account that's easy to access.

Promotion

Pre-TFSA promotion

Plan for your 2025 TFSA contribution today

Already contributed the maximum amount to your TFSA for 2024? Until December 31, 2024, invest your 2025 TFSA contribution in term savings and get a promotional rate of 4.15%1 online or 4.00% at a caisse or branch.

At maturity on January 2, 20252, your capital will be automatically transferred to your TFSA savings account.

Get this offer online.

What is a TFSA?

A TFSA is a registered savings account with numerous benefits. Your money is there when you need it3 and withdrawals aren't taxed. It's perfect for growing your savings tax-free to reach your goals or set up an emergency fund.

TFSA benefits

Invest tax-free

Your TFSA contributions and the generated earnings in your account are not taxable.

Withdraw money at any time

Your TFSA withdrawals are tax-free and don't affect your government benefits and credits. Withdrawn amounts are added back to your contribution room for the following year.4

Build an emergency fund

Set up automatic transfers to your TFSA to take the work out of saving. Aim to set aside 3 to 6 months' worth of your net pay to cover unexpected expenses.

Top up your retirement savings

You can keep your TFSA open into retirement and continue growing your money. Since your withdrawals aren't taxed and have no impact on your government benefits, a TFSA is a good source of additional retirement income.

How a TFSA works

TFSA eligibility

You must be 18 or older and have a Social Insurance Number (SIN) to open a TFSA. Unlike an RRSP, there is no age limit to make TFSA contributions.

2024 TFSA contri­bution limit

The 2024 TFSA contribution limit is $7,000, plus withdrawals you made in 2023 and your unused contribution room from previous years.5

Accumu­lating contri­­bution room

Your contribution room begins accumulating each year from when you turn 18.

So if you've always lived in Canada, have never contributed to a TFSA and were 18 or over in 2009, your cumulative contribution room is $95,000. 

TFSA yearly contribution room

  • 2009 to 2012: $5,000
  • 2013 and 2014: $5,500
  • 2015: $10,000
  • 2016 to 2018: $5,500
  • 2019 to 2022: $6,000
  • 2023: $6,500
  • 2024: $7,000

You never lose contribution room. If you withdraw money from your TFSA one year, that amount is added to your contribution room for the following year. For example, say you have $25,000 in your TFSA and take out $10,000 for renovations. You can then contribute this $10,000 the following year, plus the annual dollar limit for that year.

How to contribute to the TFSA

1. Open the TFSA online

Log in to AccèsD to open your TFSA and start contributing.

Not a Desjardins member or prefer some help with your investment plan?

Montreal area: 514-224-7737 This link opens your phone app. (514-CAISSES)
Elsewhere in Canada: 1-800-224-7737 This link opens your phone app. (1-800-CAISSES)

2. Choose your investments

Choose the right investments for you according to your savings goals and investor profile.

Use the savings and investment assistant tool

3. Start contri­buting

Contribute to your TFSA now or set up automatic transfers to take the work out of saving.

Permitted investments for a TFSA

Find out which types of investments you can hold in your TFSA.

Desjardins Funds

Invest in innovative and competitive fund portfolios tailored to your profile.6

Learn more about Desjardins Funds.

TFSA – Savings Account

Grow your money with no fees and keep it accessible for short- and medium-term projects.

Learn more about TFSA – Savings Accounts.

Guaranteed fixed-rate investments (term savings)

Enjoy a known return on your investment from day one. Both your principal and interest are guaranteed.

Learn more about Guaranteed fixed-rate investments (term savings).

Market-linked guaranteed investments

Harness the growth potential of stocks without risking your capital.

Learn more about Market-linked guaranteed investments.

Guaranteed Investment Funds Helios2 Contract 

Earn interest while protecting your estate and your savings.7

Learn more about Guaranteed Investment Funds Helios2 Contract.
See our rates

Interested in self-directed investing?

Whatever your level of investment knowledge, we offer everything you need to make informed decisions and invest on your own with confidence:

  • No-fee online transactions for stocks and exchange-traded funds (ETFs)
  • State-of-the-art trading platforms
  • Comprehensive training
  • Powerful analysis tools
Discover online brokerage

Respon­sible invest­ment pays off

Commit to a sustainable and equitable economy by investing in businesses that value the environment, the community and diversity. With our socially responsible investments, you can grow your money while taking action for the future.

Discover our responsible investment products

RRSP or TFSA: Which one to choose?

Explore the benefits of these 2 plans and find out which one best meets your needs.

Learn more about RRSPs and TFSAs.

FAQ

How much can I put in my TFSA in 2024?

The 2024 TFSA dollar limit is $7,000, plus withdrawals you made in 2023 and your unused contribution room from previous years.5 You can see your TFSA contribution amounts and withdrawals on the My Account External link. portal on the Canada Revenue Agency (CRA) website.

Is there a penalty if I go over the maximum contribution for my TFSA?

Any excess contributions are subject to a 1% tax per month or 12% per year. This penalty applies as soon as you go over your contribution room and continues for every month the excess amount stays in your TFSA. The penalty tax stops when you withdraw the excess amount.

Can I use my TFSA to buy a home?

Yes. Since TFSA investment income and withdrawals are tax-free, a TFSA maximizes your savings to buy a home.

If you're buying a first home, the following 2 options may be more suitable for your down payment: 

Contribute to your TFSA

Online

Open your TFSA on AccèsD and start contributing today.

By phone

Montreal area:

514-224-7737 Phone number of customer service for the Montreal area. This link opens your phone app. (514-CAISSES)

Elsewhere in Canada:

1-800-224-7737 Phone number of customer service for Canada. This link opens your phone app. (1-800-CAISSES)

We can also call you when it's convenient.

Schedule a call  to open your TFSA

With an advisor

Book an appointment on AccèsD if you're a member, and meet with an advisor online, in person or over the phone.

Book an appointment on AccèsD

Other tax-sheltered savings options

RRSP

A registered retirement savings plan (RRSP) lets you reduce your taxable income so you pay less tax.
Learn more about RRSP

FHSA

A first home savings account (FHSA) lets you save tax-free for a down payment.
Learn more about FHSA

RESP

A registered education savings plan (RESP) lets you save tax-free for a child's post-secondary education.
Learn more about RESP
This promotional offer applies only to non-redeemable online Term savings products available on AccèsD. Rates are subject to change without notice. Some terms and conditions apply. The pre-TFSA promotion may end at any time.Upon maturity, the principal will be transferred to your Desjardins TFSA savings account and treated as a contribution for 2025, and the interest generated by your principal will be deposited in your non-registered Everyday Transaction Account and will be taxable. It's your responsibility to make sure that your contributions do not exceed your 2025 TFSA contribution room. A tax of 1% per month applies to excess contributions. To find out your TFSA contribution room, visit My Account at theCanada Revenue Agency (CRA) External link.. The unused TFSA contribution room provided by the CRA does not include contributions made during the current year. Your TFSA contribution room includes all TFSAs you hold, whether at Desjardins or another financial institution.The type of investments held in your TFSA determine how easily you can access your money.Withdrawals of deliberate overcontributions, non-qualified investments and asset transfer transactions, and any income attributable thereto, do not create additional TFSA contribution room. Some of these types of income may be subject to a 100% taxation rate.Any excess contributions are penalized at the rate of 1% a month.Desjardins Funds are not guaranteed, their value fluctuates frequently, and their past performance is not indicative of their future returns. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Desjardins Funds are offered by registered dealers.DFS Guaranteed Investment Funds are established by Desjardins Financial Security Life Assurance Company. Helios2 and DFS Guaranteed Investment Funds are registered trademarks of Desjardins Financial Security Life Assurance Company. The Desjardins brand is a trademark owned by the Fédération des caisses Desjardins du Québec, used under licence.