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.
visit a branch near you or call 604-517-0100 to get started today.
Our TFSAs
We have a variety of eligible Tax-Free Saving Accounts to help you with your short term and long term savings goals.
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High Interest Savings Account
Get the most out of your savings without sacrificing flexibility.
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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.
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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.
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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.
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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.
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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.
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.
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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 $6,000 Total Contribution Amount* $63,500 - 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.
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.