Tax-Free Savings Accounts

Supercharge your savings

CIBC TFSA Tax Advantage Savings Account®
Accelerate your savings with %* on new deposits for a limited time.

I have a CIBC bank account
I don’t have a CIBC bank account

What’s a TFSA?

A Tax Free Savings Account (TFSA) helps you grow your savings
without having to pay taxes on the interest or investment income you earn.

  • Canadian residents, 18 and over, can invest up to the 2015 annual dollar limit of $10,000† and any unused contribution room from prior years can be carried forward year to year. This means from 2009 to 2015 you can save up to $41,000 – tax free!
  • You pay no taxes on the interest or investment income you earn
  • You pay no taxes on withdrawals from your TFSA
  • You can re-contribute the amount of your withdrawal the following calendar year or any year after
  • TFSA contributions are not tax-deductible, unlike RRSPs
  • Choose from a wide selection of savings and investment products for your TFSA contributions. These include the CIBC Tax Advantage Savings Account and investments such as GICs, mutual funds and stocks

Mutual funds – a great option for your TFSA

When you put mutual funds in your TFSA, you pay no taxes on the investment income you earn.
Choose from a wide array of CIBC mutual funds and find the right one for your TFSA.

Earn guaranteed interest, tax-free

Grow your savings tax-free with the CIBC TFSA Tax Advantage Savings Account®. Or select one of our CIBC TFSA GICs – you’re guaranteed to keep what you invest while earning competitive interest on your money, tax-free.

*This is a combined bonus and regular annual interest rate paid on new deposits made to a CIBC TFSA Tax Advantage Savings Account. The bonus and/or regular rates may change at any time without prior notice. The regular interest rate is paid on the full daily closing balance. The bonus rate is earned only on new deposits and only on days when the new deposits result in a full daily closing balance that exceeds the closing balance on November 1, 2015 (the New Balance). Bonus interest rate offer expires March 31, 2016. Interest is calculated daily on each day’s final balance and paid monthly. Interest rates are subject to change. Other conditions apply.

†Based on federal budget April 21, 2015. Canada Revenue Agency has stated financial institutions may immediately allow existing and new account holders to contribute up to the proposed limit. Tax laws are subject to change at any time.

1 Early redemption is available on each anniversary of the purchase date or within 7 days after each anniversary. Redemption is not otherwise available.

2 If a GIC is redeemed before maturity to transfer funds to a TFSA at another financial institution, no interest will be paid and a transfer fee will apply.