Tax-Free Savings Account (TFSA)
In less than 10 years, the TFSA has replaced the RRSP as the primary savings vehicle in Canada. According to Statistics Canada, Canadian households in lower tax brackets (lower incomes) should consider the TFSA first, then move on to an RRSP, based on available savings.
Whether its for an emergency fund or to save for a special project, the TFSA is an excellent instrument to grow your savings tax-free.
Because your situation is unique, our financial security advisors can help you determine your needs and help you find the best solution for your situation.
Save for your projects
The strength of the TFSA is its flexibility. Whether its for a long-term project like a vacation or a short-term need, like buying a television, there is no restrictions on withdrawals.
An excellent emergency fund
A tax-free savings account allows you to put money aside and watch it grow tax-free. This money can be used as a cushion in case of emergency, like losing a job or for an unexpected expense like car or house repairs.
Compare Different Savings Plans To Find The One That Is Right For You
|Eligibility age||Age limit to contribute||Contribution ceiling||Tax-deductible contributions||Tax-sheltered accumulation||Tax payable upon withdrawal or at the end of the year||Unused contributions can be carried forward|
Discover the advantages of a TFSA
- Grow your savings tax-free: your contributions and the earnings they generate are not taxed.
- Make withdrawals tax-free at any time.
- Contribute up to the limit regardless of your income. In 2020, this limit is $6,000 and unused contribution room carries over.
Choose for your TFSA
You’re investing with peace of mind. We also offer a wide range of other investment products:
- Guaranteed interest funds, which offer a fixed, guaranteed interest rate
- Daily interest fund, where interest accumulates every day and is paid monthly
- Mutual funds, which fluctuate according to the market value of investment securities