Tax-Free Savings Account (TFSA)
Suitable for objectives with a shorter time horizon. Assets can be liquidated and withdrawn tax-free, offering flexibility for near-term capital needs.
Wealth management products and services offered by:
Tax-Free Savings Account (TFSA)
Suitable for objectives with a shorter time horizon. Assets can be liquidated and withdrawn tax-free, offering flexibility for near-term capital needs.
Wealth management products and services offered by:
Tax-Free Savings Account (TFSA)
Suitable for objectives with a shorter time horizon. Assets can be liquidated and withdrawn tax-free, offering flexibility for near-term capital needs.
Wealth management products and services offered by:
A TFSA is a flexible savings vehicle designed for a variety of financial goals
Tax-Free Growth Potential
Investment income earned within a TFSA, including capital gains and dividends, is generally not subject to Canadian tax. This allows the full value of your investment growth to remain within the account.
Withdrawal Flexibility
You can withdraw funds from a TFSA at any time without tax consequences. Additionally, the full amount of any withdrawal is added back to your available contribution room at the start of the following calendar year.
Versatile Savings Objectives
A TFSA can be utilized for a wide range of financial goals—such as purchasing a home, funding education, or building an emergency fund. There are no regulatory restrictions on how withdrawn funds are utilized.
A TFSA is a flexible savings vehicle designed for a variety of financial goals
Tax-Free Growth Potential
Investment income earned within a TFSA, including capital gains and dividends, is generally not subject to Canadian tax. This allows the full value of your investment growth to remain within the account.
Withdrawal Flexibility
You can withdraw funds from a TFSA at any time without tax consequences. Additionally, the full amount of any withdrawal is added back to your available contribution room at the start of the following calendar year.
Versatile Savings Objectives
A TFSA can be utilized for a wide range of financial goals—such as purchasing a home, funding education, or building an emergency fund. There are no regulatory restrictions on how withdrawn funds are utilized.
A TFSA is a flexible savings vehicle designed for a variety of financial goals
Tax-Free Growth Potential
Investment income earned within a TFSA, including capital gains and dividends, is generally not subject to Canadian tax. This allows the full value of your investment growth to remain within the account.
Withdrawal Flexibility
You can withdraw funds from a TFSA at any time without tax consequences. Additionally, the full amount of any withdrawal is added back to your available contribution room at the start of the following calendar year.
Versatile Savings Objectives
A TFSA can be utilized for a wide range of financial goals—such as purchasing a home, funding education, or building an emergency fund. There are no regulatory restrictions on how withdrawn funds are utilized.
Understanding the TFSA Account
Who should open a TFSA?
The TFSA is ideal for Canadian residents 18+ seeking tax-free growth and flexible withdrawals for any goal, making it suitable for both short-term savings and long-term retirement portfolio diversification.
Maximum Cumulative Limit
This is the total contribution room available to an individual who has been a Canadian resident and at least 18 years of age since the TFSA was introduced in 2009, and who has not yet made a contribution.
Annual Contribution Limit
The specific amount of new contribution room added for the 2026 calendar year is $7000. This limit is indexed to inflation and is reviewed annually by the federal government.
Indefinite Carry-Forward Unused Contribution Room
Any portion of your annual limit that is not used in a given year is automatically added to your available room for future years. Your total available room for 2026 is the sum of the current year’s limit, plus any unused room from previous years, plus any withdrawals made in 2025.
18+ Eligibility Age
You can begin accumulating in a TFSA the calendar year you turn 18.
Understanding the TFSA Account
Who should open a TFSA?
The TFSA is ideal for Canadian residents 18+ seeking tax-free growth and flexible withdrawals for any goal, making it suitable for both short-term savings and long-term retirement portfolio diversification.
Maximum Cumulative Limit
This is the total contribution room available to an individual who has been a Canadian resident and at least 18 years of age since the TFSA was introduced in 2009, and who has not yet made a contribution.
Annual Contribution Limit
The specific amount of new contribution room added for the 2026 calendar year is $7000. This limit is indexed to inflation and is reviewed annually by the federal government.
Indefinite Carry-Forward Unused Contribution Room
Any portion of your annual limit that is not used in a given year is automatically added to your available room for future years. Your total available room for 2026 is the sum of the current year’s limit, plus any unused room from previous years, plus any withdrawals made in 2025.
18+ Eligibility Age
You can begin accumulating in a TFSA the calendar year you turn 18.
Understanding the TFSA Account
Who should open a TFSA?
The TFSA is ideal for Canadian residents 18+ seeking tax-free growth and flexible withdrawals for any goal, making it suitable for both short-term savings and long-term retirement portfolio diversification.
Maximum Cumulative Limit
This is the total contribution room available to an individual who has been a Canadian resident and at least 18 years of age since the TFSA was introduced in 2009, and who has not yet made a contribution.
Annual Contribution Limit
The specific amount of new contribution room added for the 2026 calendar year is $7000. This limit is indexed to inflation and is reviewed annually by the federal government.
Indefinite Carry-Forward Unused Contribution Room
Any portion of your annual limit that is not used in a given year is automatically added to your available room for future years. Your total available room for 2026 is the sum of the current year’s limit, plus any unused room from previous years, plus any withdrawals made in 2025.
18+ Eligibility Age
You can begin accumulating in a TFSA the calendar year you turn 18.
Comparing the difference between a TFSA and an RRSP
Feature
TFSA
RRSP
Main Purpose
Any goal (short or long-term)
Retirement savings
Main Purpose
Any goal (short or long-term)
Retirement savings
Tax on Deposits
None (uses after-tax money)
Tax-deductible (reduces your taxes)
Tax on Deposits
None (uses after-tax money)
Tax-deductible (reduces your taxes)
Tax on Growth
Tax-free
Tax-deferred until withdrawal
Tax on Growth
Tax-free
Tax-deferred until withdrawal
Tax on Withdrawals
Tax-free
Taxed as regular income
Tax on Withdrawals
Tax-free
Taxed as regular income
Withdrawal Rule
Room is added back next year
Room is generally lost permanently
Withdrawal Rule
Room is added back next year
Room is generally lost permanently
Age Limit
None; keep it for life
Must close/convert by age 71
Age Limit
None; keep it for life
Must close/convert by age 71
Investment fund and portfolio management services are provided through Corex Financial Inc.
Align your savings with your values
Start investing the halal way—anytime, anywhere. Access your portfolio, track performance, and build your wealth with confidence.
Investment fund and portfolio management services are provided through Corex Financial Inc.
Align your savings with your values
Start investing the halal way—anytime, anywhere. Access your portfolio, track performance, and build your wealth with confidence.
Investment fund and portfolio management services are provided through Corex Financial Inc.
Align your savings with your values
Start investing the halal way—anytime, anywhere. Access your portfolio, track performance, and build your wealth with confidence.
Investment fund and portfolio management services are provided through Corex Financial Inc.
Even more ways to grow your wealth
RRSP
Registered Retirement Savings Plan
An RRSP is a retirement savings plan registered with the CRA that you or your spouse contribute to. Contributions reduce your taxable income, while growth remains tax-sheltered until withdrawal, typically at retirement.
Tax Deduction: Contributions lower your annual income tax.
Tax-Deferred Growth: Earnings are not taxed until withdrawn.
FHSA
First Home Savings Account
The FHSA is a registered plan helping first-time homebuyers save for a qualifying home tax-free. It allows contributions up to $8,000 annually, with a $40,000 lifetime limit, combining features of RRSPs and TFSAs.
Tax-Free Purchase: Qualifying home withdrawals are entirely tax-free.
Dual Benefit: Contributions are tax-deductible like an RRSP.
Disclaimer
* Corex Financial Inc. ("Corex") offers wealth management products and services to Manzil customers. Corex Financial Inc. is a registered Portfolio Manager in each of the provinces and territories of Canada and as an Investment Fund Manager in the provinces of Ontario, British Columbia, Alberta, Newfoundland and Labrador, and Quebec. Assets in your Corex accounts are held with various custodians, each registered as an investment dealer with the applicable securities regulators. All custodians are members of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor Protection Fund (CIPF). All trademarks are the property of their respective owners. Corex will determine what investments are suitable for you.
** This website is to be used for information purposes only and is not intended to provide any financial, legal, accounting, or tax advice. No securities regulatory authority has assessed the merits of these securities or the information contained on this website.
*** Your capital is at risk with any type of investment. The value of your portfolio can increase or decrease. Past performance is no guarantee of future results. An investment may be risky and may not be suitable for an investor's goals, objectives, and risk tolerance. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.
This information is for educational purposes. Should any conflict arise between the information presented here and the official CRA website, the CRA website is considered the correct source. Please consult with a licensed representative for further assistance.
*Investment fund and portfolio management services are provided through Corex Financial Inc.*
Disclaimer
* Corex Financial Inc. ("Corex") offers wealth management products and services to Manzil customers. Corex Financial Inc. is a registered Portfolio Manager in each of the provinces and territories of Canada and as an Investment Fund Manager in the provinces of Ontario, British Columbia, Alberta, Newfoundland and Labrador, and Quebec. Assets in your Corex accounts are held with various custodians, each registered as an investment dealer with the applicable securities regulators. All custodians are members of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor Protection Fund (CIPF). All trademarks are the property of their respective owners. Corex will determine what investments are suitable for you.
** This website is to be used for information purposes only and is not intended to provide any financial, legal, accounting, or tax advice. No securities regulatory authority has assessed the merits of these securities or the information contained on this website.
*** Your capital is at risk with any type of investment. The value of your portfolio can increase or decrease. Past performance is no guarantee of future results. An investment may be risky and may not be suitable for an investor's goals, objectives, and risk tolerance. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.
This information is for educational purposes. Should any conflict arise between the information presented here and the official CRA website, the CRA website is considered the correct source. Please consult with a licensed representative for further assistance.
*Investment fund and portfolio management services are provided through Corex Financial Inc.*
Disclaimer
* Corex Financial Inc. ("Corex") offers wealth management products and services to Manzil customers. Corex Financial Inc. is a registered Portfolio Manager in each of the provinces and territories of Canada and as an Investment Fund Manager in the provinces of Ontario, British Columbia, Alberta, Newfoundland and Labrador, and Quebec. Assets in your Corex accounts are held with various custodians, each registered as an investment dealer with the applicable securities regulators. All custodians are members of the Canadian Investment Regulatory Organization (“CIRO”) and the Canadian Investor Protection Fund (CIPF). All trademarks are the property of their respective owners. Corex will determine what investments are suitable for you.
** This website is to be used for information purposes only and is not intended to provide any financial, legal, accounting, or tax advice. No securities regulatory authority has assessed the merits of these securities or the information contained on this website.
*** Your capital is at risk with any type of investment. The value of your portfolio can increase or decrease. Past performance is no guarantee of future results. An investment may be risky and may not be suitable for an investor's goals, objectives, and risk tolerance. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.
This information is for educational purposes. Should any conflict arise between the information presented here and the official CRA website, the CRA website is considered the correct source. Please consult with a licensed representative for further assistance.
*Investment fund and portfolio management services are provided through Corex Financial Inc.*