Accelerate your savings with a tax-free savings account (TFSA)

  • Earn money tax-free
    Income earned on deposits and investments is not taxed1
  • Withdraw money tax-free
    Take your money out whenever you need it
  • Flexibility and choice
    Choose from several different TFSA options

As of 2016, you can contribute:

  • Up to $5,500 per year (previous annual limits were $5,000 for 2009 to 2012, $5,500 for 2013 to 2014, and $10,000 for 2015), plus
  • Any unused contribution room from previous years, plus
  • The amount of any withdrawals made in previous years

The content herein is not intended to provide specific tax advice and should not be relied upon in this regard. Please consult your tax advisor to find out which strategies suit your tax situation. HSBC Bank Canada makes no guarantee, representation, or warranty and accepts no responsibility or liability as to the tax treatment of these services.

1 Income earned in a TFSA is not subject to Canadian taxes. Taxes of other countries may apply. Contributions to Tax-Free Savings Accounts (TFSAs) are limited annually. Generally, the maximum contribution room for a year is equal to the total of unused contribution room from the previous year, distributions made in the previous year and the TSFA dollar limit for the year. The maximum annual contribution applies to all of your TFSAs held with HSBC Bank Canada or any other financial institution. Only Canadian residents, who are over 18 years of age and have a valid Social Insurance Number, can make contributions to a TFSA. The age of majority is 19 for residents of Newfoundland & Labrador, New Brunswick, Nova Scotia, British Columbia, Northwest Territories, Yukon and Nunavut, which may delay the opening of a TFSA. However, the accumulation of contribution room will start at age 18. Consult your tax advisor for full details about TFSAs and how they relate to your tax situation.

Eligibility

To be eligible for a TFSA, you must:

  • Be 18 years or older
  • Have a valid SIN
  • Be a Canadian resident
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