Our Disclosure

The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Read our disclosure.


Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

Free financial education

Expert advice

Free resources

Detailed guides

7 thoughts on “Understanding the Tax-Free Savings Account (TFSA) in 2023”

  1. Gravatar for Denden

    Thanks for the info.

  2. Gravatar for Jacinto

    Thank you for the article, very interesting! My wife and I became Canadian residents on April, 2018. Our contribution room would count the year of 2018 and 2019? Also, as we share a commun saving account, could the contribuition be doubled for us?

    • Gravatar for Enoch Omololu


      Congrats on becoming residents of Canada! 🙂
      Your TFSA contribution room starts to accumulate in 2018, and you will EACH have a total contribution room of $11,500 in 2019…for a combined amount of $23,000. For your TFSA accounts, you and your wife will need to open separate TFSA accounts. This does not affect your normal (common) savings account. Hope this helps! Cheers.

  3. Gravatar for Tony


    • Gravatar for Enoch Omololu

      @Tony: you are welcome!

  4. Gravatar for Joules

    Thanks for this post! Wondering where exactly could an international student open a TFSA?

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.