Reach your savings goals faster

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

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

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

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

Make the most of tax-sheltered plans

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

Tax-Free Savings Account (TFSA)

  • 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. In 2020, the limit is $6,000
  • Unused contribution room can be carried forward

Registered Retirement Savings Plan (RRSP)

  • Retirement savings and income
  • Tax deduction for contribution
  • Withdrawals are taxable income
  • Withdrawals made when you’re 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?”