A QUICK COMPARISON |
TFSA |
RRSP |
|---|---|---|
| Best for large or one-time purchases, or any other goal |  |
|
| Best for retirement, a first-home (HBP) or your education (LLP) | |
|
| Your money grows tax-free | |
|
| You can deduct your contributions from taxable income | |
|
| You can take money out anytime for anything and your withdrawals are never taxed | |
|
| You pay tax on withdrawals | |
|
| You can set up automatic contributions | |
|
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How the Savings Bonus works
1.50%
(regular rate†)
+
3.00%
(bonus rate)
=
4.50%*
(promotional rate)
Any new money you invest in an eligible registered High Interest Savings Account between October 5, 2022 and June 30, 2023 will earn a 3.00% bonus interest rate on top of our already competitive regular rate.
With our registered High Interest Savings Account:
you earn top interest, there is no minimum balance required, and your money grows tax-free.
† Rate is subject to change without notice.
*Terms and conditions apply.
How to take advantage of the bonus
Open or top up an eligible registered High Interest Savings Account (HISA) before June 30, 2023 to start saving at a 4.50%* promotional interest rate on any new deposits you don't already hold with us.
What accounts are eligible?
You can open a TFSA or an RRSP high interest savings account. Or open both and save for your retirement with an RRSP while you save for everything else with a TFSA. View offer terms and conditions.
What do you mean by New Funds for this offer?
Eligible new funds are:
- Any new deposits you don't already hold with us prior to October 5, 2022 and deposited into your eligible HISA before June 30, 2023, and
- Funds determined by total value increase of your deposit accounts held with us (chequing, savings, term deposits) and deposited in the eligible HISA.
View our full terms and conditions or contact us to speak to an advisor for more details on eligible new funds.
Ready to get started? Your future self will thank you.
Open or top up an eligible registered High Interest Savings Account (HISA) before June 30, 2023 to start saving at a 4.50%* promotional interest rate on any new deposits you don't already hold with us. *View full terms and conditions here.
If you're a member already and you have available contribution room in your existing TFSA or RRSP high interest account, it's as easy as making a new contribution.
Already a member?
To open a new TFSA or RRSP high interest savings account or to make a new contribution to your existing account, contact our Member Advice Centre at 1-888-597-6083 to speak to an advisor today or to book an appointment.
Learn more about the benefits of TFSA and RRSP
*Offer Terms and Conditions
TFSA Contribution limits
The contribution room for a TFSA carries forward year after year, which means that if you do not max out your contribution one year, it is not forfeited but is cumulative year after year. Your total contributions since the introduction of the Tax Free Savings Account in 2009 through to 2023 should not exceed $88,000. To find out what your total available contribution room is, refer to your last notice of assessment.
Please ensure your TFSA contributions are within your allowable limit set by Canada Revenue Agency (CRA) and you are solely responsible for confirming that any such contributions are within your allowable limits. All rules and contribution limits for TFSAs as set out by CRA and applicable legislation apply. Information about TFSAs is based on what is currently available from the Canadian government and can be subject to change.
RRSP Contribution limits
Your annual RRSP contribution room is the lesser of:
- 18% of your earned income for the previous tax year or;
- The maximum contribution amount set by the CRA for the current tax year ($29,210 for 2021).
Please ensure your RRSP contributions are within your allowable limit set by Canada Revenue Agency (CRA) and you are solely responsible for confirming that any such contributions are within your allowable limits. All rules and contribution limits for RRSPs as set out by CRA and applicable legislation apply. Information about RRSPs is based on what is currently available from the Canadian government and can be subject to change.
Transfer fees
If you wish to transfer your current TFSA or RRSP from a different financial institution to us, a fee will generally apply. We will cover the cost of this fee up to $100.00 for any transfers totalling $10,000 or more.
We acknowledge that we have the privilege of doing business on the traditional and unceded territory of First Nations communities.
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