ax slips for the 2020 tax year Oaken’s Toronto store reopening June 14...click here for full details

ax slips for the 2020 tax yearOaken’s Toronto store reopening June 14 ...click here for full details

Eligible for CDIC coverage

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Among the highest TFSA rates available in Canada

Our rates are among the best around, with no teaser rates, hidden fees or any other gimmicks. So you can enjoy the combination of guaranteed principal, and the opportunity to securely build your savings over time.

Why invest in a TFSA?

Introduced in 2009, TFSAs are flexible, registered, general-purpose savings plans designed to help you reach your short and long-term goals. The investment income you earn in a TFSA is – you guessed it – tax free! So a TFSA is a great way to shelter your savings, and build them up over time. Given the flexibility and simplicity of TFSAs, they are a smart choice for any number of savings needs. For example, they are a great option if you are:

Looking for a safe place to put extra savings. Contribute up to $6.000 every year.

Looking for a way to complement your RSP. If you have maximized your RSP and want an extra boost to your retirement savings.

Trying to reach specific savings goals. When you’ve reached your goal, the money you withdraw is not taxed, and you can re-contribute to your TFSA once you’re ready to start again.

Building a rainy day fund. You can withdraw your money when you need it, according to the term you’ve selected.

Retired, but want to keep saving. You can keep contributing to a TFSA into your 70s, 80s, 90s and beyond! There is no upper age limit when it comes to contributing to a TFSA. In fact, many retirees are directing any RIF payments in excess of their current living requirements, and depositing these to their TFSAs.

Contribution limits

While the annual contribution room for a TFSA is currently $6,000 (effective from January 2021), you can also carry forward any unused contribution room from previous years, as well as reinvest any withdrawals made in the past.

If you have already maximized your contributions since TFSAs were first established, this means you’ll only be able to contribute up to $6,000 for the current year. But on the other hand, if you’ve never made any TFSA contributions before, you can invest up to $75,500, which is the total contribution room accumulated to date. Or if you have been making contributions that fall somewhere in between, you’ll be able to add any existing room you have available to this year’s limit of $6,000.

    Invest in security

    All Oaken GICs are eligible for the Canada Deposit Insurance Corporation (CDIC) coverage through either Home Bank or Home Trust Company, up to applicable limits, so your savings are protected and your money will be there when you need it.

    Learn more

    5 General quick facts about TFSAs

    1. You can contribute up to $6,000 per year.

    2. If you didn’t contribute in previous years, you can carry that amount forward. The total contribution limit since TFSAs began is currently $75,500.

      YearsAnnual TFSA Contribution Limit
      2021$6,000
      2020$6,000
      2019$6,000
      2018$5,500
      2017$5,500
      2016$5,500
      2015$10,000
      2014$5,500
      2013$5,500
      2012$5,000
      2011$5,000
      2010$5,000
      2009$5,000
      1. Depending on how you’ve invested the funds in your TFSA you may be able to withdraw money at any time. You can replace the amount you’ve withdrawn but you may have to wait until the next calendar year if you do not have sufficient contribution room available in the current year.

      2. Any amount you have withdrawn in a given year is added to your contribution room for the next year.

      3. You can have TFSAs at multiple financial institutions, just make sure your combined contributions do not exceed your personal limits.