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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.

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


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

  • 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.

  • 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
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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

















































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. TFSAs are best used for savings that can grow over months and years, but with no tax at withdrawal and minimal fees they are quickly accessible when needed.

TFSA rates

Account Balance
Interest Rate
12-month Less than $100K 4.90%
$100K - $249,999 4.95%
$250K** and over 5.00%
24-month Less than $100K 4.70%
$100K - $249,999 4.75%
$250K** and over 4.80%
36-month Less than $100K 4.40%
$100K - $249,999 4.45%
$250K** and over 4.50%
48-month Less than $100K 4.35%
$100K - $249,999 4.40%
$250K** and over 4.45%
60-month Less than $100K 4.25%
$100K - $249,999 4.30%
$250K** and over 4.35%
TFSA (variable) 4.05%
Rates last updated April 18, 2024. Rates subject to change without notice. **Limits may apply.

*Includes all savings and chequing accounts, RRSPs, RRIFs, TFSAs, FHSAs. and GICs. 
**Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial 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. 

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Tips & tools

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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.
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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.
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Receive investing advice

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

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