Investment product
Traditional GIA
Guaranteed interest account: Play it safe with a sure payout
TFSA
Tax-free earnings. Withdrawals anytime you like.
Tap into performance-focused investment products.
Financial goals
Savings
Horizon
Variable
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The Tax-Free Savings Account is a registered account to which you can contribute a given amount every year without ever being taxed on your earnings.
It's an excellent short- to medium-term strategy to reach financial goals or to optimize your savings and build a nest egg. The best part, you can withdraw your money as you see fit and never pay a dime in taxes.
Why opt for the TFSA?
Smart, flexible savings that pay off
Tax-free earnings
You’ll never be taxed on your savings (ever!) regardless of when you withdraw them (unlike an RRSP).
Contribution room adds up
Contribution room may have an annual limit, but unused room carries over from year to year so you can catch up later on. You start to accumulate contribution room the year you turn 18 and have a valid social insurance number.
Flexibility at its best
Dip into your TFSA savings whenever you like—no red tape, no taxes. Plus, you don’t lose your contribution room. You can recontribute withdrawals back into your TFSA, up to the cumulative annual limit.
How does it work?
TFSA: Investing in 4 easy steps
One of our advisors helps you map out an investment plan to reach your financial goal, including: investment horizon, the amount and frequency of your contributions, your risk profile and, finally, the right investments for a winning strategy.1
Follow your contribution plan or add an extra lump sum here and there, as long as you don’t exceed your TFSA contribution limit.
Pro tip: Set up automatic deposits to stay on track hassle-free.
Your earnings are tax-sheltered, and you benefit from growing income thanks to compound interest.
The best part about the TFSA is the freedom to withdraw at any time without tax penalties. Simply cash in whenever you’re ready to kick off your project!
The scenario shown here is for demonstration purposes only and should not be relied upon as financial or other advice.2
Beneva, a smart investment
We deliver on performance
Tap into performance-focused investment products.
We invest responsibly
Beneva only works with portfolio managers who are signatories to the UN Principles for Responsible Investment.
We personalize your strategy
We take great care in proposing diversified investments suited to your profile.
We keep your money safe
Sums invested in savings and retirement plans are protected by Assuris. See the leaflet for full details.
TFSA annual contribution limits
| Year | Balance |
|---|---|
| 2021 | $6,000 |
| 2020 | $6,000 |
| 2019 | $6,000 |
| 2018 | $5,500 |
| 2017 | $5,500 |
| 2016 | $5,500 |
| 2015 | $10,000 |
| 2014 | $5,500 |
| 2013 | $5,500 |
| 2012 | $5,000 |
| 2011 | $5,000 |
| 2010 | $5,000 |
| 2009 | $5,000 |
| Total | $75,500 |
Investment products
Think of the TFSA as an empty box. How you fill it is up to you!
Investment product
Equity Index GIA
A hybrid guaranteed interest account: Market exposure meets guaranteed earnings
Investment product
Investment Accounts
Diversified funds and portfolios that deliver on performance
Investment product
Segregated Funds
Investing with capital guarantees and protection against market downturns
Investment product
High-Interest Savings Account
A flexible savings account with an attractive interest rate
More questions about investing? We’ve got more answers.
|
TFSA |
RRSP |
|
|---|---|---|
| Objective | Savings for short- and medium-term projects | Retirement savings |
| Contribution age limit | None | Age 71 |
| Annual contribution limit | $6,000 | 18% of earned income, up to $27,830, less the pension adjustment |
| Contributions are deductible on your income tax return | No | Yes |
| Withdrawals are taxable | No | Yes |
- If you are receiving federal income-tested benefits, or if you are eligible to receive federal income-tested credits, your eligibility to receive these benefits or credits is not affected by TFSA income or withdrawals.
- Upon death, the accumulated TFSA balance can usually be transferred tax-free. Plus, with Beneva, your capital is guaranteed!
- It is not necessary to set up a TFSA or file a tax return to earn contribution room. Your contribution room starts and grows as soon as you turn 18 (and have a valid SIN), even if you don't use it.
- When you contribute to your spouse's TFSA, even if he or she has no income, your contribution room is not affected.
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