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 Tax Free Savings Accounts (TFSA) in the form of following two products:
- TFSA Power Savings Account.
- TFSA Power Non-Redeemable GICs.
TFSA is a registered product and is offered to a Canadian resident who is 18 years of age or older and holds a valid Social Insurance Number.
- Investment income in TFSA accounts will grow tax-free.
- Available as a Savings Account for investment of Canadian Dollar funds.
- Can also be invested as a Non-Redeemable GIC for investment of Canadian Dollar funds.
- Annual contribution limit for 2016 and subsequent calendar years is C$5,500.00
- Unused contribution room can be carried forward.
- We offer attractive interest rates (Latest Interest Rates)
- Interest income on eligible amount is tax free.
- Withdrawals from TFSA Savings Account can be made at any time and all withdrawals are tax free.
- 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.cra-arc.gc.ca/myaccount/)
- 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")