TFSA Account

A Tax-Free Savings Account is a flexible and effective way to save for anything you want.

Tax Free Savings Account (TFSA)

Ever since the introduction of the Tax-Free Savings Account (TFSA) in January 2009, you now have a new, flexible way to save. A TFSA allows you to save or invest money without paying tax on investment income or capital gains. Think of it as a gift from the government. Here are the TFSA contribution limits for every year since 2009:

  • 2023: $6,500
  • 2019 to 2022: $6,000
  • 2016 to 2018: $5,500
  • 2015: $10,000
  • 2013 to 2014: $5,500 per year
  • 2009 to 2012: $5,000 per year

New Cumulative TFSA Contribution Limit in 2021

If you have never contributed to a TFSA and have been eligible since its introduction in 2009, your cumulative contribution room will be $88,000 in 2023.

Carrying Forward Past TFSA Contribution Limits

If you’ve yet to open a TFSA — lucky you! This means you probably have unused contribution room that you can carry forward. Any available contribution room will automatically be added to the contribution room for the current year.

TFSA Withdrawal Rules

If you withdraw from your TFSA, you don’t lose your contribution room. You’re allowed to re-contribute amounts you have withdrawn in the following year or years, and your contribution room carries forward indefinitely. For example, if you contributed $6,000 in 2022 and then withdrew $2,000 later the same year, your 2023 contribution room would be your $6,500 annual limit for 2023 plus the $2,000 that you withdrew in 2021.

Benefits of a TFSA

  • Tax-free growth
  • Flexible investment options
  • Tax-free withdrawals

We Offer 5 TFSA Investment Account Choices

1) Signature Service TFSA Account

It’s a premium asset management service that’s commission-free and gives you access to all the services, advice and investment options you need to meet your financial goals.

2) Mutual Fund TFSA

Choose from an extensive lineup of mutual funds from more than 35 fund management companies. Our fund selection encompasses a full range of savings, income and growth funds.

3) Managed Portfolio TFSA

Building a diversified portfolio and constantly monitoring and adjusting it takes time and expertise. For this reason, many investors prefer our “All-In-One Fund Solution,” which offers an easy and effective way to handle the money management and asset mix.


We offer TFSA Guaranteed Investment Certificates (GICs) in terms ranging from one to five years. GICs provide guaranteed principal and interest, so they make an ideal addition to a diversified portfolio.

5) Self-Directed TFSA

Our platform provides all the available products under one plan, with maximum flexibility to manage your investments.

Get Started Now!

Open a TFSA account or transfer your existing TFSA account to GP Wealth Management. We encourage you to get professional advice when managing your TFSA account.


Related Information

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Client Relationship Document

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