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.

0.30%
Tax Free Advantage Account rate1

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 2020 is $6,000. 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, 2020 $6,000 $69,500

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 $69,500, or if you turned 18 in 2016, you can contribute $28,500. When you take money out of your TFSA, that amount is added back to your contribution room the following year.

Rates

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

Tax-Free Advantage Account

0.30%
Tax-Free Advantage Account rate1

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. Please review our services and fee guide for a complete list of all services and associated fees.

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:

 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, 2020 $6,000 $69,500

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.

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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