A Tax-Free Savings Account (TFSA) is a flexible investment and savings option available to Canadian residents that allows your money to grow tax-free. Introduced in 2009, the TFSA lets you contribute a certain amount each year, and any income earned, whether from interest, dividends, or capital gains, is not subject to taxes, even when withdrawn. Read our comprehensive guide of TFSA: What Is a TFSA?

Canadian residents with a valid SIN who are at least 18 years old or the age of majority in their province or territory can open a TFSA.

Tax-Free Growth: Investment income in a TFSA isn't taxed, boosting your savings.
Flexible Withdrawals: Withdraw anytime without taxes for emergencies or needs.
Contribution Room: You can recontribute the amount you withdrew in the following year. You can carry-forward your unused contribution room.
For more TFSA benefits, read: Six Key Benefits of a TFSA You Should Know

As of 2025, the lifetime TFSA contribution limit is CA$102,000 for those who were 18 or older in 2009. If you turned 18 after 2009, your contribution room accumulates from the year you became eligible, based on the annual limits. For more information, please see our detailed guide: TFSA Contribution Limit 2025

No, TFSA contributions aren't tax-deductible, meaning they don't reduce your taxable income. However, the benefit lies in tax-free growth and withdrawals, as earnings within the account aren't taxed, and you can withdraw funds anytime tax-free.

No, TFSA withdrawals are tax-free. Any income earned in the account, like interest, dividends, or capital gains, isn't taxed, and you can withdraw money anytime without tax penalties.

Yes, you can transfer your TFSA to moomoo with ease. Moreover, you will get amazing rewards by transferring your eligible assets to moomoo! For more information, please see: Transfer for Smart Investing and Get Cash Rewards!