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Invest
Tax-Free Savings Account (TFSA)
Make your goals happen with accessible savings options
A Tax-Free Savings Account (TFSA) is a great way to save money for a home renovation, a dream vacation, or anything that is just a little bit out of reach right now.
Your TFSA is a great way to supplement your retirement savings. We’ve got options for you - whether you are looking to withdraw cash whenever you need it or later on down the road.
Easy Start
This non-refundable, registered option allows you to start saving today with just $5.00 up front1.
What you need to know
Minimum required investment of $500 must be reached within one year
Access to funds at maturity only2
Interest is compounded annually and is paid in full at maturity
Automatic reinvestment at current rate3
Interest earned within the investment is tax-free4
Potential to earn a higher interest rate than a savings account
Flexibility to make scheduled periodic deposits to meet the required investment amount5
The automatic scheduled funds transfer can be setup to occur weekly, bi-weekly, semi-monthly or monthly
Scheduled funds transfers are not permitted from another financial institution account
Lump sum deposits are permitted anytime during the term
Rates
Variable Rate → 3.50%
Fees
Transfer out: $100
Inactive account fee: $25
Non-redeemable
This non-redeemable, registered RRSP is offered to members on one to five-year terms5.
What you need to know
Minimum investment $1,000
Access to funds at maturity only
Interest is compounded annually and is paid in full at maturity (or upon redemption). Minimum quarterly statements
Automatic reinvestment at current rate3
Potential to earn a higher interest rate than a savings account
If the investment is partially withdrawn before maturity, the minimum investment amount must be maintained
Rates
1 year → 3.75%
2 years → 4.00%
3 years → 4.00%
4 years → 4.00%
5 years → 4.00%
Fees
Transfer out: $100
Inactive account fee: $25
Redeemable
This redeemable, registered TFSA is offered to members on a one-year term with a minimum investment of $1,000.
What you need to know
Access to funds anytime on or after 90 days
Interest paid at maturity (or upon redemption)
Automatic reinvestment at current rate3
Interest earned within the investment is tax-free4
Provides the option of cashability prior to maturity without tax consequences
Potential to earn a higher interest rate than a savings account
No interest penalty when withdrawn
If the investment is partially withdrawn, the minimum investment amount must be maintained
Rates
1 year → 3.50%
Fees
Transfer out: $100
Inactive account fee: $25
Savings
This redeemable, registered TFSA is perfect for those who need to access their savings more often. No minimum investment required6 and interest is paid out every six months.
What you need to know
Access to funds full or partially cashable at any time
Interest is calculated on the daily closing balance7 and is paid semi-annually on June 30 and December 31 to the investment
Easy access to funds to meet your needs. Interest earned within the investment is tax-free4
Rates
Variable Rate → 1.50%
Fees
Transfer out: $100
Inactive account fee: $25
The required investment amount must be reached through automatic scheduled funds transfers (and lump sum deposits) during the life of the term.
If such action is required, interest paid on the deposit shall be reduced to 50% of the interest earned to the date of cancellation.
Unless other instructions provided prior to maturity.
The TFSA program is administered by Canada Revenue Agency (CRA). It is your responsibility to ensure TFSA contributions do not exceed maximum limits and tax reporting is in compliance with CRA rules.
3-year convertible feature is available at time of purchase. If converted, value of initial deposit must be matched or increased and must be reinvested to, at the minimum, satisfy the remainder of the 3-year term.
The investment may be opened prior to deposit of funds.
Interest on the variable TFSA is based on a floating rate.