Skip To Content

Tax-Free Savings Account (TFSA)

Whether you’re saving for a rainy day, a big purchase, or getting ready for retirement, a Tax-Free Savings Account can help get you there.

What is a TFSA?

A TFSA is a flexible, general-purpose savings vehicle that allows you to earn tax-free investment income to help you achieve your financial goals. They are a unique saving option designed to benefit all Canadians, regardless of income level or walk of life.

TFSA features you’re sure to enjoy

Use your TFSA your way

Choose from a variety of investment options within your TFSA to suit your savings goals.

Your savings stay in your pocket

With a TFSA, you don’t pay any taxes on the interest you earn, even when you withdraw funds. 

Catch up on unused contribution room

You can carry over any unused contribution room to the next year, and when you withdraw money, you get that contribution room back on January 1 of the following year.

Automate your contributions

Automatically transfer funds to your TFSA monthly so you can save without even thinking about it (while ensuring your contributions don’t exceed the annual limit).

Choose the TFSA solution that’s best for you

Variable savings

Choose this competitive interest, variable-rate savings option while you decide the best way to invest your funds.

Features
  • Earn interest right from dollar one 
  • Interest calculated on minimum daily balance and paid annually on December 31
  • Deposits are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba*

GICs

Choose a term length that works for you and earn a guaranteed rate of return.

Features
  • Choose from convenient 1- to 5-year terms with a minimum investment of $500
  • Interest is paid annually and can be compounded (added to the GIC) or paid out to your account
  • GICs are non-redeemable 
  • Tiered interest rates start at $100,000 and are paid on the entire balance
  • Deposits are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba*

Mutual funds

Mutual funds are a good way to diversify your savings portfolio and you can benefit from our knowledgeable advisors and professional investment management to meet your financial goals.

Features
  • Choose from a broad assortment of professionally managed mutual funds**
  • Diversification for a portfolio that’s custom tailored to your needs and risk tolerance
  • Convenient and simple way to invest in a variety of securities
Family walking in a field together

Contact our wealth management team

We believe everyone can benefit from working with a wealth advisor, whether you're just starting out, building your wealth, or planning to leave a legacy.

Get in touch with a wealth advisor

Getting to know TFSAs

TFSA contribution limits
You can make regular contributions to your TFSA throughout the year without needing to have an earned income. However, it is your responsibility to make sure you do not go over your maximum annual contribution limit.

Any over-contributions are subject to penalties and interest. The Canada Revenue Agency sets the yearly contribution limit (see table below).

Unused contribution room is accumulated every year to a maximum limit. Any withdrawals from your account will be added back as contribution room in the next year.

 
Taxation year
TFSA annual limit
TFSA cumulative limit

2022

$6,000

$81,500

2021

$6,000

$75,500

2020

$6,000

$69,500

2019

$6,000

$63,500

2018

$5,500

$57,500

2017

$5,500

$52,000

2016

$5,500

$46,500

2015

$10,000

$41,000

2014

$5,500

$31,000

2013

$5,500

$25,500

2012

$5,000

$20,000

2011

$5,000

$15,000

2010

$5,000

$10,000

2009

$5,000

$5,000

TFSA eligibility
Any individual person (not trusts or corporations) who meets the following three requirements is eligible to open a TFSA:
 
  • A Canadian resident
  • 18 years of age or older
  • Holds a valid Canadian Social Insurance Number
There is no maximum age limit, and you do not need employment income to open or hold a TFSA.
Using your TFSA funds
There are no restrictions on the way you use your TFSA funds (contributions and earnings), so they are a great choice for your mid- to long-term savings goals.

Tips & tools

Piggy bank icon

TFSAs and RRSPs: Why not both?

With the right strategy, you can leverage both products together to help you save for both your short-term needs and retirement.
Explore our savings strategies
Calculator icon

Crunch the numbers

Use our investing calculators to help you plan how much you’re saving over time, your overall net worth, and how much you can earn with different types of investments.
Explore our investing calculators
Lightbulb icon

Receive investing advice

Our Insights & Advice page includes plenty of great articles to help you make the most of your investments.
Read our investing articles

TFSA rates

Account
Account Balance
Interest Rate
GIC (RRSP / RRIF / TFSA)
12-month Less than $100K 4.50%
$100K - $249,999 4.55%
$250K** and over 4.60%
24-month Less than $100K 4.60%
$100K - $249,999 4.65%
$250K** and over 4.70%
36-month Less than $100K 4.80%
$100K - $249,999 4.85%
$250K** and over 4.90%
48-month Less than $100K 4.85%
$100K - $249,999 4.90%
$250K** and over 4.95%
60-month Less than $100K 5.10%
$100K - $249,999 5.15%
$250K** and over 5.20%
TFSA (variable) 3.35%
**Limits may apply.

*Includes all savings and chequing accounts, RRSPs, RRIFs, TFSAs, and GICs. 
**Mutual funds and related financial planning services are offered through Credential Asset Management Inc. Mutual funds, other securities and securities related financial planning services are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.

Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. 

Insights & Advice

Woman sitting outside smiling
Investing, Saving

Advice from an expert: Your retirement questions, answered

Read More
Couple sitting on a couch looking at a laptop
Investing, Saving

Your RRSP questions, answered

Read More
Woman sitting at the table with her laptop
Investing

You’ve said yes to being an executor. Now what?

Read More

Fancy swoop

Get advice

Please fill out this form to submit your questions/comment or you could contact our Member Contact Centre at our toll-free number

Cookie Consent

We use cookies on our site to improve your experience.