No matter what you’re saving for, it’s easier with Simplii™
Designed to help you save money for a wide range of goals — not just retirement. Contributions are not tax-deductible, but all the interest and income earned is tax-free. Any money you withdraw is tax-free too. You can access funds from your TFSA any time without penalty and recontribute (up to your personal TFSA contribution room)ⓘ. You get competitive interest rates and there is no need to keep a minimum balance. Unlike a Registered Retirement Savings Plan, you don’t need to close your account when you reach a certain age. If saving for retirement is what you are looking to do, then an RRSP may also be appropriate for your needs.
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 taxⓘ
Save for specific long- and short-term goals and grow your money
Interest is calculated on the daily closing balance and is paid into your account monthly. Rates subject to change.
You can access money from your TFSA anytime without penalty and recontribute (up to your personal TFSA contribution room, the following year or in future years)
Every year, when you file your tax return, the government will calculate your tax-free savings contribution room for the next year (just like an RRSP)
If there’s any unused contribution room, it’s carried forward so that you can use it later
You can have multiple TFSAs at different institutions (just make sure you know how much you’ve contributed because your contribution room includes all TFSAs you have)
TFSA contribution room is made up of: annual TFSA dollar limit, withdrawals made in the previous year, and unused contribution room (Withdrawals to correct over-contributions are not included in the next-year’s contribution room)
You don’t need to close your account when you reach a certain age