TFSA Savings Account Fast-track your savings goals with 2.00% tax-free interest^*

a bar graph with a swooping pink arrow showing account growth

What is a TFSA?

Investment options

Eligibility

TFSA vs. RSP

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 2.00%^* on your cash savings

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

Open a TFSA

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 2024¹

$0 How much you'll pay in taxes on TFSA earnings

$95,000 TFSA lifetime contribution limit³

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

Log in or become an EQ Bank customer in a few clicks.
Head to Products, scroll to TFSA and open an account.
Start earning 2.00% tax-free interest^* on your savings.

Open a TFSA

two phone screens showing the EQ Bank products page with TFSA highlighted and a large yellow arrow pointing up

How do TFSAs compare to RSPs?
Account Details	TFSA	RSP
If you’re saving for…	Vacation, emergency fund, etc.	Retirement
2024 tax year contribution deadline	December 31, 2024	March 3, 2025
2024 tax year contribution limit	$7,000¹	Get limit info
Are contributions tax-deductible?	No	Yes
Are withdrawals taxed?	No	Yes
	Open a TFSA	Explore RSP

Year	Annual contribution limit	TFSA cumulative limit
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

Year

Annual contribution limit

TFSA cumulative limit

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

Footnotes

Footnote *: Interest is calculated daily on the total closing balance and paid monthly. For the EQ Bank Card, interest is paid into the linked Personal Account. Rates are per annum and subject to change without notice.

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Footnote †: Equitable Bank is a member of CDIC. EQ Bank is a trade name of Equitable Bank. Deposits made under EQ Bank and Equitable Bank are aggregately eligible for CDIC protection up to $100,000, per insured category, per depositor.

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Footnote 1: Annual limit based on legislation as of January 1, 2024. Limits are subject to change year to year.

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Footnote 2: The Promotion is open to Eligible Customers who deposit New Deposits into their Registered Account(s) from November 1, 2024, at 12:01 a.m. ET to February 28, 2025, at 11:59 p.m. ET (the “Promotional Period”) and hold such New Deposits in their Registered Account(s) for one year, starting March 1, 2025 (the “Hold Period”). EQ Bank will pay a cash bonus equivalent to 2% of the value the New Deposits (the “Match Bonus”) on a quarterly basis at a rate of 0.5% per Hold Period quarter. New Deposits held in GICs within Registered Accounts will not be eligible for the Match Bonus. Promotion may be changed, cancelled or extended at any time. Conditions apply. Please review the EQ Bank Registered Season Match Promotion Terms and Conditions for details.

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Footnote 3: The maximum contribution room of $95,000 applies if you open your first TFSA in 2024, provided you were at least 18 years old, and a Canadian resident in 2009, and have remained a Canadian resident since then. If you have more than one TFSA, your contribution room is shared across all accounts. It is your responsibility to ensure that you do not exceed your contribution limit each year. If you over-contribute to your TFSA, you may have to pay a penalty tax.

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Footnote: EQ Bank does not offer the following products in the province of Quebec: US Dollar Account, International Money Transfers, RSP Savings Accounts, RSP GICs, FHSA Savings Account, FHSA GICs, Business Account, and Business GICs. Additionally, the EQ to EQ transfers feature is not available in Quebec.

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TFSA Savings Account Fast-track your savings goals with 2.00% tax-free interest^*

What is a TFSA?