Tax-Free Savings Account (TFSA)

Fast-track your savings goals with 1.50% tax-free interest*

Open a TFSA
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What is a TFSA?

A Tax-Free Savings Account (TFSA) is a registered account designed to help you save for your goals—long- or short-term, big or small—with high interest and zero tax on your investment growth or withdrawals. 

Grow your savings, tax free.

Tax-free withdrawals.

No fees or minimum balance.

Your high-interest, no-fee investment options.

Earn 1.50%* on your cash savings

Every dollar in your TFSA earns tax-free high interest.

TFSA GICs

Take your savings further. Explore the full range of rates and term options for GICs.

View GIC rates

TFSA by the numbers

  • $7,000 TFSA contribution limit for 20261
  • $0 How much you'll pay in taxes on TSA earnings
  • $109,000 TFSA lifetime contribution limit2

Is our TFSA right for you?

It’s right for you if:

  • You’ve reached the age of majority in the province you reside.
  • You need an all-purpose solution with the flexibility to save for many goals in one account.
  • You expect to have annual contribution room that’s not based on your earned income.
  • You want your savings to grow over time tax-free, with the ability to withdraw your money whenever you need it.
  • You’re looking for an account that’s eligible for CDIC protection.
  • You're looking for a completely digital banking experience.

It’s not right for you if:

  • You don’t have available TFSA contribution room.
  • You want to make tax-deductible contributions.

Open your TFSA online

  1. Number 1

    Log in or become an EQ Bank customer in a few clicks.

  2. Number 2

    Head to Products, scroll to TFSA and open an account.

  3. Number 3

    Start earning 1.50% tax-free interest* on your savings.

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How do TFSAs compare to RRSPs? 

 Account DetailsTFSARRSP

If you're saving for...

Vacation, emergency fund, etc.

Retirement

2026 tax year contribution deadline

December 31, 2026

March 1, 2027

2026 tax year contribution limit

$7,0001

Get limit info

Are contributions tax-deductible?

No

Yes

Are withdrawals taxed?

No

Yes

 

Explore RRSP

Common questions answered

Visit our FAQ for more details about TFSAs.

Who can open an EQ Bank TFSA?

Any EQ Bank customer who has reached the age of majority in their province of residence, and who has a valid Social Insurance Number (SIN) can open a TFSA.

Exceptions:

  • Non-Canadian residents
  • Customers with temporary SINs

What’s my contribution room for a TFSA each year?

In general, the table below outlines your TFSA contribution limits for all TFSAs held in your name across all financial institutions.

TFSA contribution limits for all TFSAs held in your name across all financial institutions

YearAnnual contribution limitTFSA cumulative limit
2026$7,000$109,000
2025$7,000$102,000
2024$7,000$95,000
2023$6,500$88,000
2022$6,000$81,500
2021$6,000$75,500
2020 $6,000 $69,500
2019 $6,000 $63,500
2018 $5,500 $57,500
2017 $5,500 $52,000
2016 $5,500 $46,500
2015 $10,000 $41,000
2014 $5,500 $31,000
2013 $5,500 $25,500
2012 $5,000 $20,000
2011 $5,000 $15,000
2010 $5,000 $10,000
2009 $5,000 $5000

What happens if I over-contribute to my TFSA?

If you over-contribute, you’ll be penalized 1% on the excess every month, until you withdraw it. If you want to replace money you’ve withdrawn, you’ll have to wait until the following year to regain the contribution room.

Are TFSA contributions tax-deductible?

Contributions to a TFSA are not deductible for income tax purposes.

Any amount contributed as well as any income earned in the account (for example, interest earned in a TFSA Cash Savings Account or TFSA GIC) is generally tax-free, even when it is withdrawn.

Do I need to have a particular income level to take advantage of a TFSA?

TFSAs are accessible to anyone, so long as they meet the eligibility requirements—but there are no minimum or maximum income levels. Every eligible person accumulates contribution room annually, starting from 2009.

Are TFSAs available in Quebec?

Yes, our TFSA and TFSA GICs are available to Quebec customers.

What is the lifetime limit for my TFSA?

Your TFSA contribution room starts in 2009, or in the year you turned 18 or became a Canadian resident (if after 2009), accumulating every year after that year. If you have never contributed and have been eligible to do so from 2009, your current contribution room will be $109,000.

How do I withdraw funds from my TFSA?

Using the EQ Bank mobile app or through online banking, you can withdraw funds from your TFSA and move it to your:

  • Personal Account
  • Joint Account
  • Linked accounts via Electronic Funds Transfer (EFT)

Note you can only perform current-dated withdrawals from your TFSA, and cannot set up recurring withdrawals.

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Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank.

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