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
RRSP	18	71	yes	yes	yes	yes	yes
TFSA	18	none	yes	no	yes	no	yes

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

Frequently Asked Questions

What is the meaning of insurance?

Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection and losses are paid out of the premiums collected from the insuring public.

Why do I need Insurance?

Insurance is a hedge against the occurrence of unforeseen incidents. Insurance products help you in not only mitigating risks but also helps you by providing a financial cushion against adverse financial burdens suffered.

Why should one cover oneself immediately ?

Accidents and mishaps can occur anytime and anywhere. It is important to identify the risks faced and insure oneself against these at the earliest.

How to Choose the Best Term Plan?

While selecting a term plan, you need to look for the following and ensure that your family has the best financial protection with the term plan: Claim settlement record of a life insurance company indicates the ultimate moment of truth for the customer. Claim settlement record can be assessed through a percent number (Claim Settlement Ratio) released by IRDAI (Insurance Regulatory and Development Authority India) every year.

How much life cover do I need?

The life cover you need depends on your current annual income. We recommend that a life cover equivalent to 10-15 times your annual income is sufficient to provide for a safe future for your family. If budget is a problem, you could go for monthly premium payment option over a yearly commitment. However, it is important to have a sufficient life cover so that your family’s financial security is not compromised.

What is Critical illness benefit ?

If you are ever diagnosed with a critical illness, it can affect you physically, emotionally and financially. The optional benefit of covering 34 Critical Illnesses such as cancer, heart attack and kidney failure for a maximum of 30 years without any change in premium. But here’s the best part – It gives full claim payout on the first diagnosis of any of the covered 34 Critical Illnesses. No Hospital Bills required. This amount can also safeguard your family against the loss of income arising out of the illness.

Tax-Free Savings Account (TFSA)