Our TFSAs

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

• 2-Year Higher Rate

  Our two-year registered term deposit features an interest rate in year two that will be higher than in year one. It is reinvestable without penalty on the first anniversary date and is a short term registered investment that offers flexibility in the short run if interest rates increase.

  Find out more  |  Apply online

• 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

• Reinvestable Term Deposits

  Our reinvestable term deposit features a fixed rate and annual interest. Funds can be reinvested at any time without penalty into a term of equal-to or great-than time remaining on original term.

  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	$5,500
  Total Contribution Amount*	$46,500

• 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

• 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).

Withdrawals

• 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.