tax free savings account (TFSA)

print
  • All products CDIC eligible
  • 24/7 customer service
  • Online security promise
  • No minimums

Tax free savings account (TFSA)

You now have the opportunity to save more, thanks to the new Tax Free Savings Account. Income you earn on TFSA deposits and investments is not taxed.

  • Save with tax free GICs and tax free High Interest Savings Accounts
  • Make withdrawals at any time without paying taxes or fees on TFSA
  • Contribute up to $5,000 annually, plus the previous year’s unused limit and withdrawals.
  • CDIC eligible Maximize your coverage

 

Contribute $5,000 per year at a 4% rate, and at 20 years you could make $13,218 more tax free, assuming your taxable income is less than $80,000.

More from Government of Canada TFSA calculator

Ally Ten-Day Best Rate Guarantee

Interest income you earn is all yours, unlike that in a taxable account.

Build up more substantial savings over time than a traditional account. See more options at the Government of Canada TFSA calculator.

Can’t contribute your full tax free amount this year? Add the remainder to next year’s TFSA Allowance.

Ally advantage: we grow your tax free money faster by compounding interest daily instead of monthly like many others.

Ally Ten-Day Best Rate Guarantee
When you fund your new GIC and/or TFSA GIC within the first 10 days of opening your account, you will receive the best rate we offer for your GIC and/or TFSA GIC term during the 10-day period from when you open your account.

It’s just the right thing to do.