As determined by Canada Revenue Agency (CRA) you can contribute up to $6,500 in 2023, plus any unused amount from previous years (upon filing your tax return, CRA calculates your contribution room, just like an RRSP)
Contributions can be made in a lump sum or series of deposits — it’s your choice
Use TFSA funds for short- or long-term goals, whatever suits your lifestyle
When you invest in a Variable Rate TFSA, you begin earning interest when you make your deposit. Interest is calculated on the daily closing balance and paid semi-annually on September 30 and March 31. The minimum required to open a Variable Rate TFSA is $25. You may also withdraw your money at any time with no penalties.
Fixed Rate TFSA
Fixed rate TFSAs are available in terms from one year to five years and are non-redeemable prior to maturity. For the length of a term, interest is compounded and paid annually on the anniversary date. The minimum required to open a Fixed Rate TFSA is $500.