Tax Free Savings Account (TFSA)
A TFSA is a government-registered account that helps you save for any goal tax free – be that a new car, a home, or a dream vacation.
Why invest in a TFSA?
Grow your savings faster
Investment income earned in your TFSA is not taxed, so your savings can grow faster for your goals.
Use it for any goal
Your TFSA isn’t tied to a specific goal, so you can withdraw money from it anytime for any purpose without penalty.
Build contribution room
If you don’t use all your annual contribution room, the amount is carried forward for you to use in future years.
Carry over withdrawals
Any withdrawal you make adds extra contribution room the following year, so you can re-contribute the funds.
No age limit
Unlike the RRSP, you can contribute to your TFSA from the age of 18 onwards for as long as you like.
Flexible investing options
Your TFSA can hold numerous different investment types, including term deposits and mutual funds.
Explore your TFSA investment options
Cashable 1-Year Fixed Deposits
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Minimum deposit: $5,000
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Redeemable at any time
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Competitive rates guaranteed for the term
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Fixed Term Deposits
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Minimum deposit: $1,000
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Non-redeemable prior to maturity
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1-5 year terms
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Competitive rates guaranteed for the term
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Mutual Funds
Professionally managed mutual funds are offered through our partner, Credential® Asset Management.Select Image
Ready to get set up?
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TFSA vs RRSP: What’s the difference?
Both an RRSP and TFSA offer tax advantages by allowing you to accumulate investment income tax-free within the plan or account, but they have key differences:
RRSP
Tax deductible
RRSP contributions reduce your income for tax purposes.
Withdrawals are taxed
RRSP withdrawals are added to your income and taxed based on your tax bracket at the time.
Age limit
You can make RRSP contributions until December 31 of the year you turn 71.
Withdrawal restrictions
You can only withdraw for retirement income, to continue your education or supplement your first home down payment.
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TFSA
Not tax deductible
TFSA contributions don’t reduce your income for tax purposes.
Withdrawals are not taxed
TFSA withdrawals and growth are tax free and not included in your income.
No age limit
You can contribute to your TFSA from the age of 18 onwards for as long as you like.
No withdrawal restrictions
Withdrawals can be made at any time for any purpose without penalty.
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Save for your dream retirement
Whatever your retirement goals are, an RRSP will help you save the money you need to reach them.
Fund your children’s bright future
Set aside savings for your child's schooling boosted by grants provided by the federal and provincial government.
TFSA vs RRSP calculator
Explore which tax-smart solution can help you reach your goals faster.