Tax Free Savings Account

If you’re going to save, why not save tax-free?

  • No administration, withdrawal, or transfer fees!*
  • It’s easy—set up an auto-transfer to your TFSA and build your savings over time
  • Manage your TFSA online – conveniently transfer funds to your Alterna accounts through online and mobile banking
Here are some ways for you to save:

Investment Savings Account
A much higher rate than a regular savings account


Choose from our 3 and 5 Year RateBuilder rates

Term Deposits

A wide range of term deposits that fits your investment plan


Guaranteed principal and potential for higher returns

There are three easy ways to apply.
Have an account already? Please use the “call us” or “Find us” options below.

Apply Online

Open online in minutes.

Call Us Directly

We can easily help you over the phone.

Find A Branch Near You

Our interactive map will help you finds us.


Who can benefit from a TFSA?

  • All Canadians with a valid Social Insurance Number who are at least 18 years of age may hold a TFSA
  • Seniors who must withdraw from RRSP savings—there is no maximum age for holding a TFSA
  • Those wishing to ‘park’ their money before committing to another type of investment
  • Anyone who wishes to save and keep what they earn!


  • You can only contribute to your own TFSA
  • Contribution limit is not tied to income
  • Contributions are not tax deductible
Contribution Limit Year
$6,000 2021
$6,000 2020
$6,000 2019
$5,500 2018
$5,500 2017
$5,500 2016
$10,000 2015
$5,500 2014 & 2013
$5,000 2012 - 2009

Tip! Don’t overdo it. Take care not to invest beyond your own contribution limit. For each month that an over-contribution remains in your TFSA, Canada Revenue Agency (CRA) will charge a penalty tax of 1% per month on the excess amount. Just be sure that you don’t contribute more than your yearly limit allows.

Unused Contribution Room

  • If you don’t maximize your contribution in a given year, the remaining ‘contribution room’ accumulates and can be used in future years
  • CRA will confirm your contribution room on your Notice of Assessment
  • Unused contribution room is carried forward indefinitely, so you can ‘catch-up’ in future years
  • You can take money out of your TFSA. The withdrawal will increase your contribution room for the following year

Example: In 2009, Sarah invests $5,000 in a TFSA. Later that year, she withdraws $3,000 for a vacation, but her plans change and she is not able to go. Since Sarah has no unused TFSA contribution room left, she will have to wait until 2010 to deposit the $3,000 back into her TFSA.


  • You may withdraw from your TFSA**, but keep in mind that you’re bound to the terms of your investment product
  • Withdrawals are not reported as taxable income and are not subject to income tax
  • Withdrawals will not impact eligibility for federal income tested benefits and credits such as OAS, GIS, Age Credit, GST, EI, child-tax benefit, or working income tax benefit

Restrictions and Transfers

  • The amount inside a TFSA is transferable to another TFSA owned by you (but may be restricted by the terms of your investment product)
  • A person may hold more than one TFSA, but must abide by the annual contribution limit
  • A TFSA is transferable to a spouse/common-law partner on the break-down of a relationship or on the death of a holder (must be named as successor holder on the application)
  • TFSAs are individual investments and are not able to be set up as joint investments
  • Spousal contributions are not permitted

You can start saving tax-free today with an Alterna TFSA. Ask us about the best TFSA for you.

TFSA Declaration of Trust (PDF)

* Fees for the transfer of a TFSA plan to another institution still apply
** Funds accessible within two days for non-standard withdrawals Ask us about TFSA terms and conditions

Mutual funds, other securities and securities related financial planning services are offered through Qtrade Advisor, a division of Credential Qtrade Securities Inc. Mutual funds and related financial planning services are offered through Qtrade Asset Management Inc.