TFSA

• CELI = Tax-Free Savings Account: your earnings and withdrawals are never taxed
• 2026 deposit limit: $7,000, which is added to your accumulated rights (the total you are entitled to deposit) since 2009
• Your deposits do not reduce your taxes (unlike an RRSP, or retirement savings plan)
• You can withdraw your money whenever you want; the withdrawn amount becomes available again the following year;

Think of your TFSA as a tax-sheltered savings account: everything it grows is yours to keep. For example, if you deposit $7,000, it grows to $8,000, and if you withdraw the full $8,000, you pay no tax on the $1,000 gain. For an entrepreneur, it's a flexible reserve, accessible without tax consequences. Note: exceeding your contribution limit will result in a penalty from the tax authorities. Canada (the IRS, which collects taxes). Bankeo will introduce you to a free audited accountant/CPA who will help you allocate your savings between PEA and RRSP, and we will remain by your side throughout the process.

What exactly is a TFSA?

This is a special savings account where the money you earn and the money you withdraw are never taxed. You deposit money you've already earned, and everything it earns is yours, tax-free.

What is the TFSA contribution limit in 2026?

You can deposit up to $7,000 in 2026. This amount is added to your unused entitlements accumulated since 2009 (or since you turned 18).

TFSA or RRSP: which to choose?

The TFSA (Tax-Free Savings Account) doesn't reduce your taxes, but everything withdrawn is tax-free; the RRSP (Registered Retirement Savings Plan) reduces your taxes now but is taxed upon withdrawal. Bankeo connects you with a verified accountant/CPA free of charge, who will advise you, often within 48 hours, and we'll be there for you every step of the way.