TFSA Account
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 You’re allowed to re-contribute amounts you have withdrawn in the following year or years, and your contribution room carries forward indefinitely.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.
4) GIC TFSA
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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7 Key Advantages of a TFSA Account
7 Key Advantages of a Tax-Free Savings Account
- Contribute up to $6,500 tax-free for 2023
- You are not required to have earned income to contribute
- Withdraw money for any reason – without being taxed
- Choose from a variety of investment options: Mutual Funds, GICs and Savings Deposits
- You don’t lose the contribution room if you make a withdrawal, but you do need to wait until the next year to re-contribute the money
- You can provide funds to your spouse to contribute to a Tax-Free Savings Account without being subjected to income-attribution rules
- If you don’t contribute the maximum amount, you can carry forward your unused contribution room indefinitely. For example, if you contributed $3,000 to your TFSA in 2022, your contribution room for 2023 would be $9,500 ($3,000 carried forward from 2022 plus $6,500 for 2023).
We’re here to help
The Tax-Free Savings Account is a great new tax-sheltered account, and with the right advice, it can help you achieve your investment goals. But it all depends on your personal goals and situation. For example, if you’ve used your RRSP contribution room or cannot make RRSP contributions, the TFSA could be a solution for you. Another great investment planning opportunity is to potentially use your TFSA for income splitting with your spouse. Talk to us about creating a plan based on your needs.
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TFSA Investment Options
We offer a broad range of investment and retirement products
GP Wealth carries mutual funds from over 30 fund management families. Funds may be discontinued or change names without notice. Some funds have minimum initial deposit requirements, a minimum duration, or have limited subscription.
Types of Investment and Retirement Products Available
MUTUAL FUNDS GUARANTEED INVESTMENT CERTIFICATES (GICs) ANNUITIES BONDS AND DEBENTURES* SEGREGATED FUNDS STOCKS* Investment Funds Available
GICs Available
B2B BANK BMO BANK BRIDGEWATER BANK CANADIAN WESTERN BANK CANADIAN WESTERN TRUST COMMUNITY TRUST CONCENTRA FINANCIAL DUCA EFFORT TRUST EQUITBLE BANK GENERAL BANK OF CANADA HAVENTREE BANK HOME BANK HOME TRUST COMPANY ITALIAN CANADIAN SAVINGS & CU LAURENTIAN BANK MANULIFE BANK/TRUST MCAN MORTGAGE CORPORATION PACIFIC & WESTERN BANK PEACE HILLS TRUST PEOPLE'S TRUST VERSA BANK Segregated Investment Funds
If you have any questions about investing in investment and retirement products, send us an email and we would be pleased to help.Invesco Segregated Funds Great West Life Assurance Co. CI Segregated Funds Mackenzie Segregated Funds Canada Life Standard Life Empire Life TD Guaranteed Funds Important information
*Bonds and Equities are made available through an exclusive referral agreement with B2B Securities and Q-Trade Investors. Please speak to your financial advisor for further details on this service.
The Value of Advice
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Client Relationship Document
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