Reach your savings goals faster

piggy bank to illustrate growing your savings

Grow your savings tax-free
Tax-free interest is calculated on your full daily closing balance, and is paid monthly.

Automatic deposits
Set up a recurring deposit for a faster, more convenient way to save.

Flexible access to your money
If something comes up and you need to access the funds in your TFSA, you can make tax-free withdrawals at any time.

No fees
You don’t pay any fees on your account, unless you transfer all or part of your TFSA funds to another financial institution ($100 fee applies).


Minimum investment: $25

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Make the most of tax-sheltered plans

A TFSA and an RRSP can help you meet your financial goals

TFSA
Tax-Free Savings Account

  • Short-term and long-term goals
  • No tax deduction for contribution
  • Withdrawals are tax-free
  • Withdrawals can be re-contributed in a later year
  • Each calendar year, you can contribute up to the TFSA dollar limit for the year ($5,500 in 2016); unused contribution room can be carried forward.

RRSP
Registered Retirement Savings Plan

  • Retirement savings and income
  • Tax deduction for contribution
  • Withdrawals are taxable income
  • Withdrawals made when you are retired will potentially be taxed at a lower rate
  • Each calendar year you can contribute up to your RRSP maximum contribution limit for the year; unused contribution room can be carried forward.

Find out more about TFSAs and RRSPs. For details, see “Should You Contribute to Your TFSA or Your RRSP?”