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. 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),
  • Quarterly,
  • Semi-annually,
  • 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

Withdrawals

• 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