A Tax-Free Savings Account (TFSA) is a registered account introduced by the Federal Government in the 2008 Budget. Investment income and capital gains in the account will grow tax-free.
SBI Canada Bank offers two type of Tax-Free Savings Accounts (TFSA) as following:
1. TFSA Power Savings Account and start saving any amount at your convenience.
2. TFSA Power Non-Redeemable GICs- You can invest your savings in a Non-Redeemable GIC with a min of $1,000.
TFSA is a registered product and is offered to a Canadian resident who is 18 or 19 years of age (depending on the province) or older and holds a valid Social Insurance Number.
a. Enjoy our attractive interest rates for TFSA accounts. (Latest Interest Rates)
b. Investment income on eligible amount in TFSA accounts will grow tax-free.
c. Available in Canadian Dollar
d. Annual contribution limit for 2020 is C$6,000.00
e. Unused contribution room can be carried forward indefinitely and there is no limit on how much contribution room you can accumulate.
f. The Canada Revenue Agency (CRA) will track your contribution room. CRA reports this amount to individuals through the "My Account" function on the CRA website. (http://www.craarc.gc.ca/myaccount/)
g. Withdrawals from TFSA Savings Account can be made at any time and all withdrawals are tax free.
h. You can transfer TFSA Funds from another Financial Institutions to SBI Canada Bank TFSA account by filling the TFSA Transfer Authorization Form
i. Safety of Deposits: SBI Canada Bank is a member of CDIC. (To find out information about deposit insurance from the Canada Deposit Insurance Corporation including what instruments and/or products are eligible for deposit insurance, visit their website http://www.cdic.ca/. Information on deposit insurance is also available in the CDIC brochure entitled "Protecting Your Deposits")