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
Your savings stay in your pocket
Catch up on unused contribution room
Automate your contributions
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*
GICs
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
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 advisorGetting to know TFSAs
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 |
2025 |
$7,000 |
$102,000 |
2024 |
$7,000 |
$95,000 |
2023 |
$6,500 |
$88,000 |
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 |
- A Canadian resident
- 18 years of age or older
- Holds a valid Canadian Social Insurance Number
TFSA rates
GIC (RRSP / RRIF / TFSA / FHSA) | ||
---|---|---|
12-month | Less than $100K | 4.10% |
$100K - $249,999 | 4.15% | |
$250K** and over | 4.20% | |
24-month | Less than $100K | 4.10% |
$100K - $249,999 | 4.15% | |
$250K** and over | 4.20% | |
36-month | Less than $100K | 3.80% |
$100K - $249,999 | 3.85% | |
$250K** and over | 3.90% | |
48-month | Less than $100K | 3.80% |
$100K - $249,999 | 3.85% | |
$250K** and over | 3.90% | |
60-month | Less than $100K | 3.80% |
$100K - $249,999 | 3.85% | |
$250K** and over | 3.90% |
TFSA (variable) | 2.95% |
---|
*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.