Products & Rates

Tax-Free Savings Accounts

Earn interest without paying taxes with a Tax-free Savings Account.

The annual contribution limit for 2009 to 2012 was $5000, for 2013 through to 2014 it was $5500 and for 2015 it is $10000. In 2016 and 2017, the contribution limit is $5,500. If you don’t contribute the maximum amount one year, your next year’s contribution room increases by the remaining amount. Withdrawals from your TFSA will be added to your contribution room at the beginning of the next year. This makes the TFSA a great savings choice.

Open a TFSA Plan | Purchase another TFSA GIC | Transfer in an existing TFSA 

Why choose an Outlook TFSA?

Choose options that work for you. Outlook TFSAs are available as a High Interest Savings Account, with maximum flexibility, or as a GIC, with exceptional interest rates, different terms, and interest options. If you're starting small, start saving your money in a TFSA High Interest Savings Account and, when you reach a minimum of $1000, transfer into a TFSA Cashable GIC account for even higher interest.

TFSA Cashable GIC
  • Be worry-free with both your TFSA deposit and interest 100% guaranteed without limit.
  • Choose from 1 to 5 year Guaranteed Investment Certificates with Outlook’s great rates – higher than most conventional financial institutions.
  • You can withdraw from your TFSA GIC at any time, so you’re secure in knowing you have the money if you really need it. The minimum withdrawal amount is $1000. You must maintain a minimum balance of $1000, or you have the option to cash your entire TFSA GIC at the early withdrawal rate. Withdrawals from TFSA Cashable GICs made prior to the maturity date will earn the early-withdrawal interest rate on the funds withdrawn, calculated back to the date of deposit.
  • Choose to reinvest your compound interest back into your TFSA GIC, or pay it annually to your TFSA High-Interest Savings Account.
  • Decide whether monthly or yearly interest payments work for you. Monthly interest payments are available at a 0.15% interest discount, paid into your TFSA High-Interest Savings account.
  • Take advantage of an early start – the minimum deposit for Outlook TFSA GICs is only $1000.
TFSA High-Interest Savings Account
  • Be worry free with both your TFSA deposit and interest 100% guaranteed without limit.
  • Maintain maximum flexibility. With the High-Interest Savings Account, your money is always available to you.
  • Benefit from competitive rates which are consistently higher than most conventional financial institutions.
  • Get interest that’s calculated daily and paid monthly back into your savings account.
  • No maintenance fees, and no minimum balance.
  • Use your TFSA High-Interest Savings Account to build the $1,000 required for a GIC, and then transfer your money into a TFSA Cashable GIC for even greater returns.

Information about your TFSA is available any time through Online Banking as well as e-statements which are produced twice yearly in January and July.

For more information about Outlook TFSAs, contact us.

Open a TFSA Plan | Purchase another TFSA GIC | Transfer in an existing TFSA 

 

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Rates effective
Oct 1, 2018

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  • 2.15% Savings Accounts
  • 2.50% 1 Year Cashable GIC
  • 2.70% 2 Year Cashable GIC
  • 2.90% 3 Year Cashable GIC
  • 3.10% 4 Year Cashable GIC
  • 3.35% 5 Year Cashable GIC
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Tell me more about Tax-Free Savings Accounts

The Tax-Free Savings Account, or TFSA, is possibly the most significant change to how Canadians save since the arrival of the RRSP half a century ago. Read more…