Tax-Free Savings Accounts (TFSAs)
If you are a Canadian resident 18 years of age or older with a valid Social Insurance Number (SIN), you are eligible to open a Tax-Free Savings Account. All the interest earned on your eligible contributions are tax free. Effective 2017, the Annual TFSA eligible contribution limit is $5,500.
Tax-Free Savings Account (TFSA) Features
TFSA Investment Options
Choose from any of our existing investment products such as:
- Short-Term Deposits - 30 through 364 days: Interest Paid at Maturity
- Guaranteed Investment Certificates in terms from one to five years with interest payable* :
- Monthly (Direct Deposit Only),
- Annually, or
- Compounded annually
*The interest earned on your TFSA deposits is tax-free, to spend or reinvest as you wish.
If you would like to withdraw your interest earned, you may choose to:
- Receive payment by cheque or
- Receive a credit directly to your bank account (VOID Cheque Required)
If you would prefer to not withdraw, you may reinvest the interest earned in the GIC at the contract rate:
- At maturity the amounts can be automatically re-invested until a written request to withdraw the full or partial amount of the deposit is received
Minimum TFSA Deposit Amounts
- Short-Term Deposits $500.00
- GICs $500.00
At maturity the principal amounts can be automatically re-invested until a written request to withdraw the full or a partial amount of the deposit is received.
Contributing to Your TFSA
- Cheque Payable to Equitable Bank
- Partial withdrawals from an existing Equitable Bank investment for contribution to an Equitable Bank TFSA (continuing the same terms) will be available at any time
- All withdrawals of principal must be requested in writing.
Canada Deposit Insurance Corporation (CDIC)
All products eligible for Equitable Bank's Tax-Free Savings Account are eligible for coverage under CDIC's deposit insurance program subject to CDIC's limits and policies.
TFSA Application Form
TFSA Transfer Form