Prairie Centre TFSAs

A Tax-Free Savings Account (TFSA), does exactly what its name implies — it lets you save and invest without having to pay taxes on your profits. Pretty great, right?! There’s a limit on how much you can contribute each year, but no restrictions on when you can take the money out, so it’s there when you need it. Check out our TFSA calculator to see how much it can help you save.

Contribution Limit

Contribution to a TFSA can only be made by the individual owner (Holder) and the amount is not tied to the income of the Holder.


As of Jan 1, 2020, you can invest up to $6,000 every year in your TFSA 

  • Contributions are not tax deductible
  • Contribution limit will appear on your annual Notice of Assessment


When a TFSA Holder contributes less than the maximum contribution limit, the difference is referred to as "unused contribution room.”

  • Unused contribution room accumulates each year.
  • Unused contribution room is carried forward indefinitely, allowing the Holder to 'catch up' by contributing more than the maximum contribution limit in a future year.
  • A TFSA withdrawal increases the contribution room for the year after withdrawal. As a result, when amounts are withdrawn from a TFSA, they can be re-contributed in the future when funds become available.
  • The Canada Revenue Agency will confirm the contribution room on your annual Notice of Assessment.

Any individual (not trusts or corporations) that meets the following requirements is eligible to open a TFSA:

  • Resident in Canada, and;
  • 18 years of age or older, and;
  • Holds a valid Social Insurance Number (SIN).
There’s no maximum age limit to open or hold a TFSA, and you can hold more than one as long as you don’t exceed your contribution limit.


Qualified Investments

These types of eligible investments are restricted under the Income Tax Act, and include:

  • Term deposits and GICs
  • Variable interest savings accounts
  • Index-linked term deposits
  • Mutual Funds*
  • Publicly traded securities*
  • Bonds*
  • The TFSA Holder can withdraw funds at any time; withdrawals may be restricted by investment terms.
  • Withdrawals aren’t reported as taxable income and are not subject to income tax.
  • TFSA withdrawals of contributions/earnings increase contribution room for future years, but not the current year.
  • Withdrawals don’t impact eligibility for federal income tested benefits and credits (OAS, GIS, Age Credit, GST, EI, child-tax benefit, working income tax benefit).

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*Mutual funds and other securities are offered through Qtrade Advisor, a division of Credential Qtrade Securities Inc. 

*Mutual funds are offered through Qtrade Asset Management (a tradename of Credential Asset Management Inc).

Commissions, trailing commissions, management fees, and expenses, all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed. Their values change frequently and past performance may not be repeated.

Registered Product Fee Disclosure Document

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