Like the RRSP, a TFSA gives you a flexible and tax-effective way to accumulate savings – especially short-term savings – without using up your valuable RRSP contribution room.
So many ways to use tax-free savings
Choose from the full range of low-cost investment options available within the plan.
You can carry forward any unused contribution room from year to year.
Make direct contributions from your bank account through the bill payment option. Search for “Canada Life Group TFSA” in the bill payments section of your bank’s website. (Please Note: Some banks may still be listing “Great-West”). Enter your plan number 62724 and certificate number (without spaces) to create the account number.
The 2023 contribution amount is $6,500. This amount can change from year to year.
The total room available in 2023 for someone who has never contributed and has been eligible for the TFSA since its introduction in 2009 is $88,000.
Plan for major events like a house down payment, continuing education or unforeseen expenses.
Supplement your registered retirement savings plan (RRSP) once you’ve maxed-out RRSP contributions or you need to fill your retirement income gap.
Purchase health or long-term care plans if you don’t have them in retirement.
Save extra money to pursue hobbies and travel in retirement.