TFSA | Investments | Simplii Financial

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No matter what you’re saving for, it’s easier with Simplii™

Watch your money grow

You shouldn't have to pay to save your money

Whatever you’re saving for, this tax-free* account was designed to help you save more of your hard-earned money.

Get competitive interest rates without having to keep a minimum balance

There’s no monthly fees, fixed terms or minimum deposits to open your account

Earn interest on every hard-earned dollar without paying any tax¹

Save for specific long- and short-term goals and grow your money

Ready to open a TFSA?

You can apply by logging onto your online banking or call us at 1-888-723-8881Opens your phone app..

Sign on to apply

Interest rates

Daily Balance

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Interest is calculated on the daily closing balance and is paid into your account monthly.
Rates subject to change.

Resources

About our TFSAs

TFSA versus RRSP

	RRSP	TFSA
Purpose	Designed to provide income after you retire.	Designed to help you save money for a wide range of goals − not just retirement.
Minimum/Maximum Age Requirement	No minimum age requirement to open, as long as you've earned income and filed a tax return. Must be closed by December 31 in the year you turn 71.	Must be 18 years of age to open. There is no maximum age restriction to close an account.
Tax Deduction	Contributions are tax-deductible, but when you withdraw any funds the amount is taxable.^ⓘ	Contributions are not tax-deductible, but all the interest and income earned is tax-free. Any money you withdraw is tax-free too.^ⓘ
Contribution Limits	Percentage of previous year's earned income, plus previously unused contribution room, less any pension adjustment. You can carry forward any unused amount to the following year or any year after that. Generally, amounts withdrawn can’t be re-contributed (other than under the Home Buyers' Plan or Lifelong Learning Plan)	The government has set a TFSA dollar limit of $6,000 in 2020. You also can contribute up to the amount of any unused contribution room from previous years. The amount you can contribute isn’t based on income. Amounts withdrawn (excluding amounts withdrawn because of an over-contribution) may be re-contributed starting the year after the withdrawal.
Over-contributions	Over-contributions are assessed a 1% penalty per month.^ⓘ,^ⓘ	Over-contributions are assessed a 1% penalty per month.^ⓘ,^ⓘ
Interest Income	Not taxed until withdrawn.	Not taxed.
Withdrawals	Included in income and fully taxable at your marginal tax rate in the year withdrawn.	Not included in income and are tax-free. Any amount withdrawn (other than due to over-contribution) is added to contribution room the next year.
Government Benefits	Withdrawals are considered as income and may impact amounts you receive from income-tied government benefits or credits.	Withdrawals are not considered as income and do not impact amounts you receive from income-tied federal government benefits or credits.