Invest, save and build your wealth with a Tax-Free Savings Account
For most Canadians, TFSAs are a great way to save and invest for the future. Your money can grow faster because income and capital gains accumulate tax-free.1 Plus, TFSAs encourage you to start and keep saving with no limits on withdrawals if you need to access your money. Contribution room increases each year.1
Ready to open a TFSA?
Benefits and features
Earn money tax-free
Income earned on deposits and investments is not taxed.1
Contribution room accumulates
Unused TFSA contribution room can be carried forward indefinitely. For example, on January 1st, 2022, the total contribution amount for a Canadian resident who had never contributed to a TFSA would be up to $81,500, if the individual was 18 or older in 2009 and therefore had accumulated all the available contribution room since TFSAs were introduced.
Withdraw money without penalties
You can take money out of your TFSA whenever you like, for whatever you like, with no taxes. The amount you withdraw can be placed back at the start of the following year.1
Flexibility and choice
Choose from several different TFSA options – including mutual funds, individual stocks, GICs and more.
As of 2022, you can contribute:
- Up to $6,000 per year or more (previous annual limits were $6,000 CAD from 2019 to 2021, $5,000 CAD for 2009 to 2012, $5,500 CAD for 2013 to 2014, $10,000 CAD for 2015 and $5,500 CAD for 2016 to 2018), plus
- any unused contribution room from previous years, plus
- the amount of any withdrawals made in previous years.
Annual maximums apply to all TFSAs you hold at all financial institutions and excess contributions are subject to tax, interest and penalties.1
The Canada Revenue Agency (CRA) will track your contribution room. Find your individual amount through the “My Account” function on the CRA website or call 1-800-267-8272 for full details on TFSAs.
Build the TFSA that’s right for you
HSBC offers a wide range of TFSA-eligible products to help you grow your wealth and save for the future.
Maximize the long-term performance potential of your TFSA holdings with locally and globally diversified HSBC Mutual Funds.
Benefit from broad diversification across asset classes and markets with the expertise of global portfolio managers who make the day-to-day investment decisions for you.
Manage your investment of choice for your TFSA with HSBC InvestDirect3, our self-directed online brokerage. Access a wide variety of securities from major international markets and pay low trading commissions.
A boutique, discretionary service designed for high net worth clients offering tailored solutions and specialized attention from HSBC's worldwide network of research analysts and money managers.
How to apply
Open a new TFSA
Open a mutual funds TFSA online with
HSBC Wealth Compass™
Open a new TFSA savings or term product, or speak to a representative about your options
Open a self-directed TFSA online with
Already have a TFSA with HSBC?
Contribute to your existing TFSA savings account
Contribute to your TFSA mutual fund account online through HSBC Wealth Compass™
What kind of investor are you?
No matter your personality or comfort level with investing, there’s an approach that’s right for you.