This study presents an investigation of the potential use of thermal energy storage for shifting cooling and heating loads to off-peak hours in order to balance the electricity production and demand periods. In Canada, the main energy source for cooling and heating applications is generally electricity. Therefore, cooling and heating devices have a great impact on the electricity peak load. In this study, it is considered that heating and cooling loads on the electricity peak load periods are shifted to off-peak hours by thermal energy storage systems. At the end of this study, it is observed that the thermal energy storage has great potential for shifting electricity peak load depending on cooling and heating load to off-peak periods. The electricity peak loads can be reduced by 25% and 45% by shifting heating and cooling loads to off-peak hours and doing storage. Furthermore, the thermal energy storage systems can help reduce both cooling and heating costs in Canadian dwellings by 20% and 18%, respectively.