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Build your savings faster with our flexible TFSA options
We all have short-term and long-term financial goals. Whether you’re saving for a home, a vacation, or to cover unexpected expenses, invest with high interest cash savings or guaranteed investment certificates (GICs) in a TFSA account that doesn’t tax the growth on your money.
Benefits of a TFSA
Investment options
Tax-Free Advantage Account
Earn more for your money with a Manulife Bank TFSA that pays a high interest rate and offers easy access to your cash if you need it.
- No minimum investment
- All deposits earn the same high TFSA interest rate
- No set-up or maintenance fees
Tax-free GICs
Lock your money in to earn guaranteed returns in a secure, simple investment, with competitive Manulife Bank TFSA GIC rates.
- $2,500 minimum investment
- No set-up or maintenance fees
TFSA contribution room and limits
The amount you can contribute into your TFSA starts building from the year you turn 18. The annual TFSA contribution limit for 2025 is $7,000. The annual limit has changed since 2009, when the federal government introduced the TFSA in Canada.
| 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 |
| 2024 | $7,000 | $95,000 |
| 2025 | $7,000 | $102,000 |
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 $102,000, or if you turned 18 in 2016, you could contribute $61,000. When you take money out of your TFSA account in Canada, that amount is added back to your contribution room the following year. 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.
Rates and fees
Rates
A Manulife Bank TFSA offers competitive rates on all your money.
Tax-Free Advantage Account
Tax-Free Guaranteed Investment Certificates (GICs)
1-5 year locked-in terms, interest compounded annually to maturity*.
* Rates are subject to change without notice.
Fees
With our Tax-Free Advantage Account, there are no fees to open an account, make deposits, or withdraw funds.
Early redemption fees apply. Early redemption of Tax-Free GICs prior to maturity is subject to market value adjustment and expense recovery fees. GICs must be redeemed in full; partial redemptions are not permitted.
Resources
FAQ
Your TFSA contribution room begins building the year you turn 18, up to your TFSA limit. Here are the TFSA contribution limits each year 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 |
| 2023 | $6,500 | $88,000 |
| 2024 | $7,000 | $95,000 |
| 2025 | $7,000 | $102,000 |
Any contribution room you don’t use each year will roll over into the following year's TFSA contribution limit. 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, your contributions to a TFSA cannot be deducted from your income on your tax return. However, your money grows tax-free and, unlike RRSPs, you can take out your money tax-free at any time — one of the best TFSA benefits.
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!)
You can access savings in your TFSA account anytime. It's tax-free money you don't have to report as income on your tax return, and there's no withdrawal limit. The amount of your TFSA withdrawal will be added back into your TFSA contribution room in the following calendar year — one of the most flexible TFSA benefits.
It can be attractive to open a TFSA to earn a high TFSA interest rate or a competitive TFSA GIC rate to make the most of tax-tree growth. Knowing whether to put your savings into a Tax-Free Savings Account or another other savings vehicle can require professional expertise. Your advisor can help you decide what’s best for your situation, compare interest rates and how a Manulife Bank TFSA can be worth it.
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Build a secure future with a Registered Retirement Savings Plan (RRSP)
Get a tax-deduction for eligible contributions and defer the taxes on your investment growth as long as your money remains inside your RRSP.
Get flexibility with a high-interest savings and chequing account
Earn the same high interest on every dollar of your combined savings and chequing Advantage Account, and get free unlimited everyday transactions when you keep a balance of just $1,000.
Earn high interest on your US cash
If you live or work near the border, spend your winters down south, or just keep US cash on hand, earn high interest on your money with the US$ Advantage Account.
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.