Tax-Free Savings Accounts (TFSAs)¹ 

TFSAs were introduced to help Canadians save more. A TFSA is a Tax-Free Savings Account that is a savings account that has tax free benefits. Contributions to a TFSA are not tax deductible, however any investment income earned within the TFSA is-tax free. And now, TFSAs are available with a U.S. dollar side – ideal if you wish to trade and hold U.S. dollar securities and U.S. cash. 

A self-directed TFSA brokerage account is the same as a regular TFSA account, except that you can direct your own investments.

The main difference is that with a self-directed TFSA you have the power to make investment decisions based on which product you would like to go with.

When contemplating a self-directed TFSA, you should consider these things:  

• Your risk tolerance  
  
• Fee structure of the investment account  
  
• Your income   
  
• Your yearly budgeted contribution amounts  
  
• What is your intended savings goal
  
• When you would like to withdraw your earnings  
  
• How in-depth your knowledge is on different investment products and the U.S and Canadian markets
  

Yes, you can use your TFSA to invest in stocks, mutual funds, bonds and others. Kindly check your CRA account information to verify your personal TFSA contribution room.

You can open a TFSA online or by reaching out to a Scotiabank advisor. If you need assistance, you can call the number below. Check out here to find out what documents you will need to open your self-directed TFSA. 

Once your TFSA account is open, you can place an order to buy stocks at Scotia iTRADE.  

Here’s 5 easy steps to guide you through placing a trade.

1. To trade Stocks, ETFs and Options simply click on the ‘Trade Now’ button on the bottom right of the Accounts and Quotes & Research pages (in the classic experience) or select the red 'Trade' button in the new experience, this will bring up the trade ticket / order form.
2. Enter the symbol or search by company name.
3. Once you select the symbol, a real-time quote is displayed.
4. Fill out the order parameters on the screen – order type, quantity, price type, and term.  An access code is required once per session.  To learn more about price types, order types and access code, use the Help menu on the top of the page.
5. Click ‘Preview’ to confirm your order details and then click ‘Submit’ to complete your order.  To view the status of your order, click the View Order tab on the top of the trading module.

Scotia iTRADE offers tools, resources, trading and investing education all in one platform. Visit the Account Details tab to monitor your portfolio and track your performance.

Any Canadian with a valid SIN (Social Insurance Number) who is 18 years of age and older may open a TFSA. 

You can have as many TFSAs as you wish. However, your yearly contribution limit cannot be accumulatively exceeded.

Assuming that you were at least 18 in 2009, in 2024 you may contribute up to $95,000 CAD into a TFSA that hasn’t been used yet.