Variable TFSA: Callable

This account functions like a regular savings account where you can deposit up to the dollar amount the government annouces annually and withdraw funds as you please. It is an ideal account for those who wish to set up weekly, bi-weekly, semi-monthly or monthly transfers to help save on a regular basis.

  • No minimum deposit amount required
  • No deposit or set-up fees
  • Two free withdrawals are allowed from this account on an annual basis, each additional withdrawal will have a $25 processing fee
  • Transfer-out fee of $40 per disbursement
  • Termination of TFSA prior to 1 year from the date of establishment will result in a $50 fee

Fixed TFSA: Non-callable

You may invest your TFSA for a 1, 2 or 3 year term for a guaranteed interest rate. Fixed-rate TFSAs earn interest annually or at maturity and the interest may be deposited to a savings account or added to the principle of the TFSA.

  • Minimum deposit of $500 applies
  • No deposit or set-up fees
  • Transfer-out at maturity fee is $40 per disbursement

Check current rates and fees.

The Financial Services Regulatory Authority of Ontario’s (FSRA) brochure can be found here or you can click on the the logo for more information.


Note: TFSAs are available for people 18 years of age and older. The government allows an annual maximum deposit (amount annouced annually). It is your responsibility to make sure that you do not go over this annual deposit amount. You may however carry forward any unused amount to the following calendar year. An example of this is as follows:

If you deposit a total of $3,000 to all combined TFSAs in 2018, you may deposit your next maximum of $5,000 in 2019 plus the $2,000 left over from 2018. The amounts you deposit to your TFSA will NOT be deducted from your income, however all of the interest you earn on your TFSA will not be taxed as interest income either. For more government rules on TFSAs see