Reach your savings goals faster
Grow your savings tax-free
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.
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.
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
TFSA and RRSP
Make the most of tax-sheltered plans
A TFSA and an RRSP can help you meet your financial goals
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 2017); unused contribution room can be carried forward.
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.