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| Redeemable GIC | TFSA | Savings Account | |
|---|---|---|---|
| Interest Rate | Medium | Low if TFSA savings account High if non-redeemable, long-term investment | Low |
| Flexibility | High (can access money anytime) | Low if non-redeemable, long-term investment High if TFSA savings account | High (can access money anytime) |
| Tax Savings | Pay taxes on interest earned | Pay NO taxes on interest earned | Pay taxes on interest earned |
| Deposit Minimum | $1,000 | No minimum requirement for TFSA savings account $1,000 for longer-term investment | No minimum requirement |
| Deposit Maximum | No maximum | Can contribute $6,000/year and a total of $75,500 since inception | No maximum |
| Monthly Fee | $0 | $0 | $0 |
| Apply Now | Apply Now | Apply Now |
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Calculators on the site are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please contact us directly to seek personalized advice from qualified professionals for all personal finance issues.