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Group tax-free savings account (TFSA)

What is a group TFSA?

A group TFSA is a type of savings plan. Contributions aren't tax-deductible, but the income they generate (including capital gains) is tax-free, even when withdrawn.

Advantages

For employers

  • Often offered in combination with a retirement savings plan
  • Easy to manage
  • Great addition to employee benefit package

For employees

  • Offers flexibility for short-and medium-term savings goals
  • TFSA contributions don't count toward RRSP contribution room
  • Money can be withdrawn at any time for any reason, tax-free

Contributions

Employer

  • No minimum contribution required

Employee

  • Can be made via regular payroll deductions or as lump-sum deposits
  • There are annual contribution limits, but they're cumulative:
    • 2009 to 2012: $5,000
    • 2013 and 2014: $5,500
    • 2015: $10,000
    • 2016, 2017 and 2018: $5,500
    • 2019 to 2022: $6,000
    • 2023: $6,500

Details

Administration

  • Plan needs to be registered with Canada Revenue Agency
  • No regulatory fees
  • No annual meeting required
  • Subject to payroll taxes, since contributions count as salary

Investments

  • Employees responsible for their investment choice
  • Investment policy not required

Contact us

Setting up a plan

Montreal area:
1-800-363-3072 Phone number to set up a group retirement savings plan for the Montreal area. This link opens your phone app.

Quebec City area:
1-877-828-7800 Phone number to set up a group retirement savings plan for the Quebec City area. This link opens your phone app.

Help with an existing plan

Monday to Friday: 8 AM to 8 PM

1-888-510-4762 Phone number for customer service for group retirement savings. This link opens your phone app.

Discover other group savings plans

Group RRSP

A group registered retirement savings plan (RRSP) is a collection of individual RRSPs offered to a group of employees.
Learn more about Group RRSPs.

DPSP

A deferred profit sharing plan (DPSP) allows you to share a portion of your company's profits with your employees.
Learn more about DPSP
Desjardins Financial Security Life Assurance Company acts as an issuer, service provider or administrator, as the case may be, of the group retirement savings plans.
This text is for information purposes only. Refer to the policy for all conditions, exclusions and restrictions.