Products & Rates

Tax-Free Savings Accounts (TFSA)

With a Tax Free Savings Account (TFSA), any earnings your savings bring in are tax-free. With its flexible features, a TFSA can help you achieve short or long-term goals.


  • Any Canadian (age of majority or older) with a valid SIN number can open a TFSA. There is no maximum age requirement.
  • Invest up to your TFSA contribution limit. This year, the limit is $7,000, but if you have unused contribution room from previous years, you may be able to invest more.
  • Interest earned is not taxed even when you withdraw money from the account.
  • Income earned and withdrawals don’t affect eligibility for federal income-tested benefits and credits such as: old age security (OAS) benefits, guaranteed income supplement (GIS), or employment insurance (EI).
  • When starting out, save your money in a TFSA High-Interest Savings Account and, when you reach $1000, transfer into a TFSA Fixed GIC for even higher interest.


You can withdraw funds at any time, for any reason, provided they are not locked in a term deposit which hasn’t matured, or held as security for a loan. While a TFSA is flexible, it is different from our high interest savings account. The most important thing to remember is that when you make withdrawals from your TFSA account the money cannot be recontributed until at least the following year. There is also a contribution limit on your TFSA.

To make a TFSA withdrawal you can transfer funds between your accounts via Outlook Financial mobile app or online banking. You can also complete a tax free savings plan withdrawal form.

Note: Interac e-Transfers are not available on TFSA’s. Withdrawals and contributions to your tax free savings account must be processed through your Outlook high interest savings account first.

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

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Rates effective
Apr 19, 2024

  • 3.60% Savings
  • 5.00% 1 Year Term
  • 4.80% 2 Year Term
  • 4.50% 3 Year Term
  • 4.45% 4 Year Term
  • 4.40% 5 Year Term
View all rates

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