The Tax-Free Savings Account (TFSA) is one of the most powerful wealth-building tools available to Canadians. Combined with Wealthsimple's commission-free investing, you can grow your money tax-free without paying unnecessary fees.
What is a TFSA?
A TFSA is a registered account that lets Canadians 18 and older invest money tax-free. Any investment growth, dividends, and capital gains earned inside a TFSA are completely tax-free — even when you withdraw.
2026 TFSA Contribution Limit
The annual TFSA contribution limit for 2026 is $7,000. If you have never opened a TFSA, your total cumulative room since 2009 is $102,000 (for those who were 18 or older in 2009).
Why Use Wealthsimple for Your TFSA?
No Commissions
Wealthsimple Trade charges $0 commissions on stock and ETF trades. Traditional brokerages charge $5–$10 per trade, which quickly adds up.
Registered Account Options
Wealthsimple supports TFSA, RRSP, FHSA, and non-registered accounts all in one app.
Fractional Shares
Invest any dollar amount, even if a share costs hundreds of dollars. This makes it easy to build a diversified portfolio with whatever amount you have available.
Robo-Advisor Option
If you prefer a hands-off approach, Wealthsimple Invest (their robo-advisor) will build and manage a diversified portfolio for you automatically.
How to Open a TFSA on Wealthsimple
- Sign up for Wealthsimple using referral code US0EBW (get a $25 bonus)
- Verify your identity
- Select Open a new account and choose TFSA
- Fund your account via Interac e-Transfer
- Start investing commission-free
What to Invest in Your TFSA
A common strategy for long-term TFSA investors is to hold low-cost broad market ETFs:
- XEQT — iShares Core Equity ETF Portfolio (100% equity, globally diversified)
- XGRO — iShares Core Growth ETF Portfolio (80% equity, 20% bonds)
- VFV — Vanguard S&P 500 Index ETF (US large-cap exposure in CAD)
These ETFs provide diversification at a very low management expense ratio (MER).
TFSA Contribution Room Rules
- Unused contribution room carries forward indefinitely
- Withdrawals add back to your contribution room in the following calendar year
- Over-contributions are penalized at 1% per month on the excess amount
🎁 Sign up at Wealthsimple with code US0EBW to get a $25 bonus and start making the most of your TFSA today.