Is our tax-free savings account right for you?
Yes, if you:
- Are at least 18 years old
- Want to earn a high rate of interest tax-free
- Want flexibility to withdraw your money whenever you want, tax-free
Benefits of a TFSA
TFSA investment options
Tax-Free Advantage Account1
- No minimum investment
- All deposits earn the same high interest rate
- No set-up or maintenance fees
Guaranteed Investment Certificate (GIC):
1-year to 5-year term
- $2,500 minimum investment
- Can withdraw cash before maturity (subject to fees)
- No set-up or maintenance fees
Rates and fees
Our TFSA offers a competitive interest rate on all your money.
Tax-Free Advantage Account
Tax-Free Guaranteed Investment Certificates
1-5 year locked-in terms, interest compounded annually to maturity. Minimum $2,500 investment. Redemption prior to maturity is subject to market value adjustment and expense recovery fees.
*3.00% promotional interest is for new deposits to Tax-Free Advantage Accounts and Registered Advantage Accounts. The promotional interest rate is made up of the regular posted variable annual interest rate of 1.20% and the variable annual promotional rate of 1.80%. Interest is calculated daily and paid monthly from December 1, 2019 to April 30, 2020 on net new deposits to the account received from December 1, 2019 to March 13, 2020 to a maximum of $100,000. Any change to the regular interest rate will result in a corresponding change to the promotional interest rate. The offer and rates are as at December 1, 2019 and subject to change without notice. Visit manulifebank.ca for full terms and conditions and for our current rates.
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2 Funds withdrawn in one year cannot be contributed back to the TFSA in the same year the funds are withdrawn if you have reached the TFSA contribution limit.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. 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.
Subject to each individual’s eligibility and contribution limits as determined by 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.
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.
Every Canadian over age 18 accumulates TFSA contribution room. 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 at 1-800-267-6999.
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.
If you're already a Manulife Bank customer, you can open an TFSA online. Simply sign into online banking, then select open an TFSA in the left-side column. You'll be prompted to answer a couple questions, and your account will be set up right away.
If you don't have an account with us yet, you'll need to speak to your advisor. You can find an advisor here or send us an email with your request and your postal code and we'll help you find an advisor in your area.
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