A Tax-Free Savings Account (TFSA) is a registered high interest savings account, which allows Canadian residents, 18 years or older to save up to $5,000 per year and earn interest tax-free.
Benefits of Saving In a TFSA
A versatile savings option to help you achieve your saving objectives at various stages in your life, whether it is to save for a car, a new home or renovations, a TFSA can assist. There are many benefits, including:
Click here to calculate your possible income tax savings.
Maximize Your Savings
Couples often save and plan together, so Canadians can contribute to their spouse’s or common-law partner’s TFSA, depending on the spouse’s or partner’s available room. Assets in a TFSA can be transferred tax free to the surviving spouse on death.
A TFSA account works hand-in-hand with other registered savings plans, if you have maxed out your RRSP contribution room, use a TFSA as another savings option. As a TFSA does not require mandatory withdrawals at the age of 71, this is an attractive option for seniors to meet ongoing saving needs.
DUCA offers this account as either a savings account, term deposit or Mutual Fund* product. Flexible terms are available for your savings, ranging from 60 days to 7 years.
| High Interest TFSA Savings Account | 1.80% |
| 60 - 179 days | 0.50% |
| 180 - 269 days | 1.20% |
| 270 - 364 days | 1.40% |
| 12 to less than 15 months | 1.70% |
| 15 to less than 18 months | 1.70% |
| 18 to less than 24 months | 1.80% |
| 24 to less than 30 months | 1.90% |
| 30 to less than 36 months | 2.00% |
| 3 to less than 4 years | 2.20% |
| 4 to less than 5 years | 2.30% |
| 5 to less than 7 years | 2.50% |
| 7 years | 2.70% |
*Mutual funds are not insured by the Deposit Insurance Corporation of Ontario.
*Mutual funds are offered through Qtrade Asset Management Inc., member MFDA
*Mutual funds and other securities are offered through Qtrade Advisor, a division of Qtrade Securities Inc., member of the Canadian Investor Protection Fund