On this page
Instruction: Change of selection promptly shifts the focus to a matching heading further down, on the same page.
Build your savings faster with our flexible TFSA options
We all have financial goals. Some for this year, some for next year, and some for way down the road. Whether you’re saving for a home, a vacation, or to cover unexpected expenses, invest with high-interest on cash savings or guaranteed investment certificates (GICs) in an account that doesn’t tax the growth on your money.
Benefits of a TFSA
TFSA investment options
Tax-Free Advantage Account
Get high interest on your cash with easy access to your money when you need it.
- No minimum investment
- All deposits earn the same high interest rate
- No set-up or maintenance fees
Tax-free GICs
Lock your money in to earn guaranteed returns in a secure, simple investment.
- $2,500 minimum investment
- Can withdraw cash before maturity (subject to fees)
- No set-up or maintenance fees
TFSA contribution room and limits
Your TFSA contribution room starts building up the year you turn 18 and grows every year. The annual limit for 2024 is $7,000. Here are the annual TFSA limits since 2009, when the TFSA was introduced:
| Years | Annual contribution limit | Cumulative contribution limit |
|---|---|---|
| 2009-2012 | $5,000 | $20,000 |
| 2013, 2014 | $5,500 | $31,000 |
| 2015 | $10,000 | $41,000 |
| 2016-2018 | $5,500 | $57,500 |
| 2019-2022 | $6,000 | $81,500 |
| 2024 | $7,000 | $95,000 |
Any contribution room you don’t use is carried forward. For example, if you were 18 years old or older in 2009, you can contribute the entire $95,000, or if you turned 18 in 2016, you can contribute $54,000. When you take money out of your TFSA, that amount is added back to your contribution room the following year.
Rates and fees
Rates
A Manulife Bank TFSA offers competitive rates on all your money.
Tax-Free Advantage Account
Tax-Free Guaranteed Investment Certificates
1-5 year locked-in terms, interest compounded annually to maturity.
Fees
With our Tax-Free Advantage Account, there are no fees to open an account, make deposits, or withdraw funds.
With Tax-Free GICs, there are redemption fees if you want to cash out before the investment term is complete. Redemption fees depend on market value adjustments and expense recovery fees.
Resources
FAQ
Your TFSA contribution room begins building the year you turn 18. Here are the TFSA contribution limits each year since 2009, when the TFSA when introduced:
| Years | Annual contribution limit | Cumulative contribution limit |
|---|---|---|
| 2009-2012 | $5,000 | $20,000 |
| 2013, 2014 | $5,500 | $31,000 |
| 2015 | $10,000 | $41,000 |
| 2016-2018 | $5,500 | $57,500 |
| 2019-2022 | $6,000 | $81,500 |
| 2023 | $6,500 | $88,000 |
Any contribution room you don’t use each year will roll over into the following years. Yours is the sum of this year’s limit, unused room from previous years, and any withdrawals made in previous years. Find out how much contribution room you have through the Canada Revenue Agency’s My Account website, MyCRA mobile app, or Tax Information Phone Service.
No, unlike registered retirement savings plan (RRSP) contributions, the contributions you make to a TFSA are not tax-deductible. However, your money grows tax-free and, unlike RRSPs, you can take out your money tax-free at any time.
There are three ways you can deposit money into your Tax-Free Savings Account:
- Link an account from another Canadian bank and transfer funds,
- Mail us a cheque,
- Ask your advisor to make your deposit for you.
There are two ways to buy GICs for your Manulife Bank TFSA:
- If you already have a Manulife Bank account, call us at 1-877-765-2265 and we can take your request over the phone
- If you’re new to Manulife Bank, reach out to your advisor (or find a local advisor if you don’t already have one!)
1 The variable annual interest rate is applied to all funds in the account. Interest is calculated daily on the total closing balance and paid monthly. Rate is subject to change.
2 Individual tax situations and tax deductibility will vary. Tax laws are subject to change and therefore, tax treatment of Manulife Bank products cannot be guaranteed. Clients should consult their own tax and legal advisors with respect to their particular circumstance.
3 Manulife Bank is a member of the Canada Deposit Insurance Corporation (CDIC), which means your deposits are eligible for CDIC deposit insurance protection. Visit cdic.ca for information on eligible deposits.
4 Funds withdrawn in one year cannot be contributed back to the TFSA in the same year the funds are withdrawn if you have reached the TFSA contribution limit. Over-contribution has a 1% penalty. Subject to each individual’s eligibility and contribution limits as determined by the Canada Revenue Agency. Only Canadian residents 18 years of age or older are eligible to open a TFSA or contribute to one. The account holder is the only person who can contribute to the TFSA.
