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Grow Your Savings Faster With A Tax-Free Savings Account.

Join the millions of Canadians who are saving faster with a TFSA. Your savings grow faster in a TFSA because your money is growing tax-free. Whatever your savings earn (for example, interest or dividends) will not be taxed. And your withdrawals are tax–free as well!

A TFSA is a flexible and simple way to invest:

  • Get started with as little as $100
  • Interest earned on your savings is not taxed
  • Get your money anytime*, without worrying about penalties
  • Use it to start investing in Guaranteed Investment Certificates (GICs) or mutual funds, which may earn higher returns than a savings account
 

With a TFSA, what you save for is entirely up to you. There are no withdrawal penalties*, providing the flexibility to save for shorter-term goals like a vacation or new home. And the tax–free growth makes it ideal to also save for your longer-term goals, like retirement.

 

 

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You are on: Calculate Your Savings

See How Quickly Your Savings Can Grow

Try our TFSA calculator (opens new window) and see how much more you can earn in a TFSA compared to a taxable account. Plus you'll see how much your tax savings add up to.

The chart below shows how $5,000 contributed annually, earning 6% interest per year can grow within a TFSA vs. outside a TFSA.(1)

TFSA vs Taxable Account Graph

Chart is for illustrative purposes only.

You are on: Get the Facts

Explore the Unique Features and Benefits

Visit the links below to find out everything you need to know about TFSAs—a simple, yet powerful savings option.

Overview

Use this at-a-
glance chart to quickly review the TFSA's features:

TFSA Overview (opens new window)

Benefits

Review the special features that make a TFSA a great savings option:

TFSA Benefits (opens new window)

FAQs

Find answers to the most common questions asked about TFSAs:

TFSA FAQs (opens new window)

Investment Options

See how easy it is to start investing in your TFSA:

TFSA Investments (opens new window)

Guidelines

Read details about TFSA eligibility, contributions and more:

TFSA Guidelines (opens new window)

RRSPs vs. TFSAs

Explore the key differences between RRSPs and TFSAs:

RRSPs vs. TFSAs (opens new window)

You are on: Open a TFSA Online (Existing Clients)

Save Time - Open and Manage Your TFSA Online

As an existing RBC client, you can use Online Banking to:

  • Open your TFSA now
  • Contribute to your account
  • Purchase and redeem investments
  • Make withdrawals

Sign In to Online Banking and Open Your TFSA Now
 
 

Start Investing Tax-Free! Open Your TFSA Today!

Get started now to watch your savings grow tax-free. All it takes is $100 to invest and a few minutes of your time.












Open Online:

Existing client? Open and manage your TFSA online!

Open Your TFSA Online












Visit or Call to Open:

Book an appointment at
      your local branch (opens new window)

Call 1-800-463-3863

 

*Depends on the terms of your investments

1) Assumes tax rate of 32% outside TFSA, with interest income taxed annually. All contributions made at beginning of year. Annual compound rate of return of 6%. For illustration only and not indicative of future returns. Actual tax rates and rates of return will vary.

The material is intended as a general source of information only, and should not be construed as offering specific tax, legal, financial, investment or other advice. Royal Bank of Canada and its affiliates can only provide recommendations in connection with their own products and services, and such recommendations are based on the completeness and accuracy of the information provided to us. Individuals are responsible for making their own product and service decisions, and should consult with their professional tax advisor, accountant, legal professional or other professional before taking any action based upon the information contained in this document.

Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.

 

Grow Your Savings Tax-Free!

It's easy to open a TFSA—and you can get started with just $100 to invest!

Existing Client?

Open Your TFSA Online

Not a client?

 
 

Want to Save Even Faster?

Pay yourself first with automatic contributions. Start now and watch your savings grow!

How to Save Faster