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Tax-Free Savings Accounts (TFSAs) from Manulife Bank are a great option for tax-sheltering your savings. Tax-Free Savings Accounts give Canadian residents aged 18 years and older another great place to build a secure nest egg – and keep all the growth for themselves! You’ll be allotted new contribution room each year and any unused portions will be carried forward to future years.
Earn a high rate of interest and keep it for yourself
Manulife Bank has two TFSAs:
Tax-Free Advantage Account - a bank account that features a tax-free, high rate of interest, no minimum balance and no fees for making deposits and withdrawals.
Tax-Free Guaranteed Investment Certificate (GIC) - tax-free guaranteed growth for your investment.
Saving for short-term goals
A Tax-Free Advantage Account is a perfect way to save for short-term goals such as a new car or a down-payment for a home. The money will grow in the account tax-free and then can be accessed at any time for any purpose without incurring fees or taxes.
And contribution room is never lost. The full amount of any withdrawal will be added back to your available contribution room for the following year – so you can continue saving for your next goal.
A flexible alternative to registered savings
Now you have another option for tax-sheltering your money. You will earn a great rate of interest on every dollar in the account, tax-free. And the interest will not impact government benefits such as Old Age Security or Employment Insurance Benefits.
Whether you use it for the short term or long, the Tax-Free Advantage Account provides a flexible, high-interest alternative for your savings. Tax-Free GICs are also available for terms of 1 to 5 years. For more information about these accounts, read our list of Frequently Asked Questions.
Contact your financial advisor to open a Tax-Free Advantage Account or Tax-Free GIC today.
Government TFSA website
The Government of Canada TFSA website is a great resource for explanations, ideas and a calculator to help you understand TFSAs and how they could work for you.
Manulife Bank of Canada, member of Canada Deposit Insurance Corporation (CDIC).