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Tax Free Savings Accounts

Tax Free Savings Accounts

A Tax Free Savings Account (TFSA) is a great way to save for your retirement, for home renovations, for an education, for travelling or just for a rainy day.

Contact us online

visit a branch near you or call 604-517-0100 to get started today.


We have a variety of eligible Tax-Free Saving Accounts to help you with your short term and long term savings goals.

  • High Interest Savings Account

    Get the most out of your savings without sacrificing flexibility.

    Find out more

  • 3-Year Rate Climber

    Rewards you for locking away your funds for a short period of time. It is redeemable or reinvestable without penalty on each anniversary date and is a flexible long term registered investment with a relatively high return.

    Find out more  |  Apply online

  • 5-Year Rate Climber

    Rewards you taking a long term approach to your savings and investment plan. It is redeemable or reinvestable without penalty on each anniversary date and is a flexible long term registered investment with a relatively high return.

    Find out more  |  Apply online

  • Long Term Deposits

    Our long term non-redeemable term deposits feature fixed interest rates and are suitable if you are seeking to maximize your savings through a variety of longer term investments. A minimum $1,000 investment with terms of 12, 15, 18, 24, 26, 48 and 60 months available.

    Find out more  |  Apply online

Understanding TFSAs

A Tax-Free Savings Account (TFSA) is a registered savings account that allows taxpayers to earn investment income tax-free inside the account.

  • Each year you can contribute an amount up to your contribution room for the year.

    Year Contribution Amount
    2009 - 2012 $5,000
    2013 - 2014 $5,500
    2015 $10,000
    2016 - 2018 $5,500
    2019 - 2021 $6,000
    Total Contribution Amount* $75,500
  • Any unused contribution room from previous years is carried forward.
  • Any interest earned on the savings, even from investments, will not be taxed.
  • You can withdraw your money at any time, tax-free, for any reason, and any money you withdraw can be recontributed the following year.**

Important Information


  • Contributions to a TFSA will not be deductible for income tax purposes, but investment income, including capital gains, earned in a TFSA will not be taxed, even when withdrawn.
  • Unused TFSA contribution room can be carried forward to future years. For example, if you contribute $4,500 to your TFSA in 2012, your 2013 contribution room will be $6,500: $1,000 of unused room for 2012 plus the full $5,500 contribution room for 2013.
  • Over-contributions - above your annual contribution limit - are charged a penalty by the Canada Revenue Agency (CRA).


  • You can withdraw funds from the TFSA at any time for any purpose, but you cannot recontribute the withdrawn amount until the following year.
  • The amount withdrawn can be put back in the TFSA the following year without reducing your contribution room.
  • Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits.

Spousal contributions

  • Contributions to a spouse's TFSA is allowed.
  • TFSA assets can be transferred to a spouse upon death without affecting the survivor's existing contribution room.
  • Interest paid on a loan used to make a TFSA contribution is not tax deductible.

Contributing to your Tax Free Savings Account

You can contribute to a TFSA at your nearest branch, over the phone at 604-517-0100, or in Online Banking. Once your TFSA is set up, you can transfer money to your TFSA whenever you need.



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