Pay less tax with a TFSA investment
With a Canadian tax-free savings account, you won't pay taxes on your earnings. Contribute up to $7,000 a year or carry it forward to future years.
Invest safely
We guarantee a competitive interest rate regardless of your income. You'll earn interest on your tax-free savings account investment, which can have a major impact on your investment growth.
Withdraw your funds anytime
When you open a TFSA, you’ll be able to make tax-free withdrawals at any time. No need to report your withdrawals as taxable income — simply manage your savings the way you find suitable.
Pay no monthly fees
Our TFSA has a $0 monthly charge, just like our No-Fee Bank Account, no-fee savings account, and no-fee USD account. Start saving your money tax-free with zero costs today!
Note: TFSA contribution limit penalties apply.
To obtain the most up-to-date information about your TFSA contribution room, you can:
- Visit the CRA website and choose My Account or My CRA after you log in,
- Call the Canada Revenue Agency Tax Information Phone Service at 1.800.267.6999 (TIPS), or
- View your most recent Notice of Assessment
See how much you can earn!
Our TFSA Options
1-Year Redeemable
Earn interest tax-free!
- Interest paid annually and/or at maturity to your TFSA or chequing account
- See current rates
- No redemption penalty
- Additional deposits are permitted in any amount at any time during the investment length
- Fixed recurring withdrawals permitted for a set amount at a set frequency (for income replacement)
- Minimum deposit - $1,000
- Minimum partial withdrawal - $1,000
- Minimum balance of $1,000 must be maintained
1 to 5-Year Non-Redeemable
Lock in to earn more interest tax-free!
- Interest paid annually and/or at maturity to your TFSA or chequing account
- See current rates
- Minimum deposit - $1,000
1-Year Easy Start Non-Redeemable
Save for your $1,000 minimum!
- Interest paid annually and/or at maturity to TFSA or chequing account
- See current rates
- Pre-authorized transfers are required and may be set up at any frequency and for any amount
- Additional deposits are permitted in any amount at any time during the investment length
- Minimum initial deposit - $5.00
- Minimum balance by maturity - $1,000
3-Year Convertible Non-Redeemable
Take advantage of rate increases!
- Interest paid annually and/or at maturity to your TFSA or chequing account
- See current rates
- Convertible option only available once during the originating investment length
- Convert into a non-redeemable investment of equal or greater than the remaining investment length
- Minimum deposit - $1,000
Laddering Strategy
Earn more PLUS easily access your funds. It's a win-win!
- 1 year, 2 year, 3 year, 4 year, and 5 year (must have minimum of $1,000 in each investment length)
- Interest paid annually and/or at maturity to your TFSA or chequing account
- See current rates
- Minimum deposit – $5,000
- You can access 20% of your deposit annually since 1/5 of your deposit matures in 1 year
TFSA Savings Account
Save for your TFSA investment! And easily transfer funds to your TFSA.
- Interest calculated daily and paid at month end
- See current rates
- Redeemable
- No monthly fee
- No minimum deposit required
- Pre-authorized transfers maybe set up at any frequency and amount
- Fixed recurring withdrawals permitted for a set amount at a set frequency (for income replacement)
- No redemption/withdrawal fee
Questions?
Am I eligible for a TFSA?
Tax-Free Savings Accounts (TFSAs) are available to any Canadian resident age 18 and older with a Social Insurance Number.
Are TFSA contributions tax deductible?
No, only contributions to a registered retirement savings plan are. But withdrawals from a TFSA aren’t subject to withholding tax, and you can make them anytime!
If I make a withdrawal, what impact does that have on my contribution room?
Any amount you withdraw will be added to your contribution room for the following year. The maximum TFSA contribution dollar limit for 2024 is $7,000. However, if you contribute less than the annual contribution limits, your unused contribution room may be carried forward indefinitely and used in future years.
What is the minimum investment for a TFSA?
The initial deposit must be $1,000 or more. If you don’t have $1,000, no problem. You can open a TFSA Savings Account. Deposit as little or as much as you like and save, tax-free, for that $1,000 initial deposit. Apply today, or if you already have a registered investment with us, you can open a tax-free savings account through digital banking. Go to Accounts > Open Account > Registered > TFSA Savings Account.
Can I use a TFSA as a savings account?
Yes! A TFSA is intended to serve as a long-term solution for saving money. You can and should set money aside in this account to grow and help you reach your financial goals, without having to pay tax on the income you earn. The only thing to consider here is the annual TFSA contribution limit.
Can I use a TFSA as a chequing account?
Canadian TFSA accounts allow withdrawals at any time unless the investments selected require a certain amount of time to reach maturity. Similarly, a TFSA doesn’t have a minimum balance by itself, but certain investments may require one.
Even though you may have the option, making many withdrawals in the short term is generally not the best idea. Ideally, you will only take funds from a TFSA for a defined goal or major emergency. Using a TFSA as a source of short-term funds can mean missing out on the benefits.
Plus, your TFSA doesn’t offer the daily conveniences of a regular chequing account. 1) You can’t access it with your debit card at POS terminals or ATMs, 2) you’re not able to send Interac e-Transfer® transactions from it, and 3) you can’t write cheques from your TFSA.
Who can open a TFSA?
Every Canadian resident over the age of 18 who has a valid Social Insurance Number (SIN) can open a TFSA in Canada. That easy availability makes it one of the best tax-free savings accounts.
Is a TFSA worth it?
It’s important to note that there’s no guarantee that a TFSA will help you meet all of your savings goals or meet all financial obligations. The available TFSA contribution room and the lack of tax deductions can be drawbacks for some people.
With that said, a TFSA still has major tax advantages and the ability to easily withdraw funds when needed make it a popular option across Canada. As you plan your approach to saving and investing, keep a TFSA in mind.
I’m ready to apply for a TFSA! Where do I start?
Great! We’re here to help. Review TFSA options on this very page and apply for an account in minutes!
Learn more by viewing our TFSA brochure (pdf).
Need more help choosing the right savings product?
Rates subject to change without notice.
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.
Investments require a minimum deposit of $1,000. Interest is earned in the currency of the account and calculated on a per annum basis. Rates are subject to change without notice. Interest rates are annual interest rates. Interest is calculated daily on the closing credit balance. If term is withdrawn in full, the accrued interest is paid in full based on prior day's amount. If partial withdrawals are processed, there is no payment of accrued interest as it's paid according to the original terms. Interest for products can either be paid to a separate account or added to the principal on each anniversary date and at maturity.
Learn more about our accounts and services. Review our Account and Fee Information (pdf).
Identify the interest rates applicable to your account(s) and how they're calculated. Review our About Our Interest Calculations (pdf) document.