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  1. SAVE
  2. Registered Accounts
  3. Tax-Free Savings Account (TFSA)

TAX-FREE SAVINGS ACCOUNT (TFSA)

WHO IT'S FOR:

  • Tax-free growth seekers: Want to keep more of your investment returns? A TFSA lets your savings grow without tax.
  • Flexible access savers: Need to dip into your funds without tax penalties? Withdraw anytime, tax-free.
  • Goal-oriented planners: Whether you're saving for a vacation or a future home, this versatile account supports both short- and long-term goals.

FEATURES & BENEFITS

  • Annual contribution limit: set by the federal government (e.g., $7,000 for 2024)
  • Lifetime contribution limit: accumulates annually if unused
  • Tax-free investment growth and withdrawals
  • No tax impact when withdrawing funds
  • Contribution room is restored the following year after withdrawal
  • Flexible investment options
To qualify for an TFSA, you must be:
  • A Canadian resident,
  • 18 years or older*, and
  • Have a valid Social Insurance Number (SIN)

*18 years of age, or the age of majority in your province or territory.

BUILD YOUR TFSA WITH THE RIGHT ACCOUNT

REGISTERED ISAVE

Grow your long-term savings with no minimum deposit, high interest, and tax-deferred earnings—all in one flexible account.

Key features:

  • Unlimited deposits
  • 1 free withdrawal per month
  • $5 per additional transaction
  • Automatic contributions
  • Free e-Statements (paper statements available for $2.50 per month)

REGISTERED WEALTH ACCUMULATOR

Start saving for retirement with just $25. Enjoy tax-deferred growth, flexible contributions, and higher interest—all in a simple, automated plan built around your goals.

Key features:

  • Customizable savings plan
    • Set your goal, schedule, payment amount, and term (1 to 5 years)
  • Automatic contributions from your personal account
  • Make additional deposits anytime to reach your goal faster

REGISTERED 1 YEAR CASHABLE TERM DEPOSIT

Earn a guaranteed return with the flexibility to access your funds anytime—ideal for secure, short-term retirement savings.

Key features:

  • Minimum investment: $500
  • 12-month term
  • Redeemable without penalty after the first 30 days
  • Interest paid at maturity or upon redemption after 30 days

REGISTERED TERM DEPOSIT

Lock in guaranteed returns and grow your retirement savings tax-free—ideal for long-term planners looking to maximize RRSP contribution room.

Key features:

  • Minimum investment: $500
  • Terms available from 1 to 5 years
  • Redeemable only at maturity
  • Non-registered options also available

REGISTERED HIGH 5 TERM DEPOSIT

Grow your savings with guaranteed returns and access to 20% of your investment each year—ideal for long-term savers seeking both stability and flexibility.

Key features:

  • Minimum investment: $5,000
  • Laddered investment structure
    • Your deposit is split into 5 equal parts, each maturing annually over 1 to 5 years
  • Guaranteed interest rates for each term
  • Reinvestment flexibility as each portion matures
READY TO GET STARTED?
Our Synergy experts live and work in your community, so they truly understand your unique challenges and opportunities. With their specialized skills and training, they can tailor innovative financial solutions specifically for you.
READY TO GET STARTED?

TFSA vs. RRSP vs. FHSA: What’s the Difference?

Feature TFSA (Tax-Free Savings Account) RRSP (Registered Retirement Savings Plan) FHSA (First Home Savings Account)
Tax Treatment Contributions are not tax-deductible, but withdrawals are tax-free Contributions are tax-deductible, but withdrawals are taxed Contributions are tax-deductible, and qualifying withdrawals are tax-free
Contribution Room Fixed annual limit (indexed to inflation); unused room carries forward 18% of previous year’s income (up to a max); unused room carries forward $8,000/year up to $40,000 lifetime; unused room carries forward
Withdrawals Tax-free and can be re-contributed in future years Taxable and cannot be re-contributed unless using special programs Tax-free if used for a qualifying first home purchase; otherwise taxable
Best For Flexible savings goals, emergency funds, or short/long-term investing Long-term retirement savings, especially for higher-income earners First-time homebuyers saving for a down payment
Impact on Benefits No impact on income-tested benefits (e.g., OAS, GIS) Withdrawals may affect income-tested benefits No impact on income-tested benefits
Age Limits Available to anyone 18+ with no upper age limit Must stop contributing by age 71 and convert to RRIF or annuity Must be opened between ages 18–71; must be used within 15 years or by age 71
Use for Home Buying No specific program, but funds can be used freely Eligible for the Home Buyers’ Plan (HBP) with repayment requirement Specifically designed for first-time home purchases, no repayment required

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