Why choose a Tax-Free Savings Account (TFSA)
- Grow your wealth your way: Choose from a variety of investment options to suit your savings goals
- Keep more money in your pocket: No matter when you withdraw, there is no tax on the interest you’ve earned
- Use your funds for any reason: Withdrawing funds won’t impact your lifetime limit (contribution room is added back the following year)
- Meant for whole-life saving: Open to all Canadian residents age 18+ with a valid SIN
Grow your wealth your way—all tax-free
Here are just a few options you can consider:
- Variable: Keep it simple with guaranteed, easy-to-access funds
- GICs: Lock in your savings with predictable growth
- Mutual funds**: Diversify your portfolio to balance growth and stability
Personalized advice from an expert
- A partner in your corner: Our deposit specialists can help you match your goals with the right savings strategy
- Custom solutions: We’ll help you build a TFSA that fits your life, your timeline, and your comfort level
- Ongoing support: Goals can change, and when they do, we’re here to support you every step of the way
See how much more you can save
At maturity, you will have saved $0
| SCU Rate | Competitor Rate | |
|---|---|---|
| Interest Earned | $0 | $0 |
| Balance at Maturity | $0 | $0 |
| Difference in Interest Earned | $0 | |
Get this rate now
Explore our interest rates
| GIC (RRSP / RRIF / TFSA / FHSA) | ||
|---|---|---|
| 12-month | Less than $100K | 3.40% |
| $100K - $249,999 | 3.45% | |
| $250K** and over | 3.50% | |
| 24-month | Less than $100K | 3.35% |
| $100K - $249,999 | 3.40% | |
| $250K** and over | 3.45% | |
| 36-month | Less than $100K | 3.30% |
| $100K - $249,999 | 3.35% | |
| $250K** and over | 3.40% | |
| 48-month | Less than $100K | 3.35% |
| $100K - $249,999 | 3.40% | |
| $250K** and over | 3.45% | |
| 60-month | Less than $100K | 3.40% |
| $100K - $249,999 | 3.45% | |
| $250K** and over | 3.50% |
| TFSA (variable) | 2.25% |
|---|
Getting to know TFSAs
Once you meet the eligibility requirements, 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 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