Tax-Free Savings Account

Believe in the power of saving.

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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.

Tax Free Advantage Account rate1

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:

TFSA contribution room and limits
 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


A Manulife Bank TFSA offers competitive rates on all your money.

Tax-Free Advantage Account

Tax-Free Advantage Account rate1

Tax-Free Guaranteed Investment Certificates

1-5 year locked-in terms, interest compounded annually to maturity.


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.



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:

TFSA contribution limit
 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 websiteMyCRA 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!)

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