Traditional GIC
Play it safe with a guaranteed payout

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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.
You’ll never be taxed on your savings (ever!) regardless of when you withdraw them (unlike an RRSP).
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.
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.
One of our advisors1 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.
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 only2 and should not be relied upon as financial or other advice.
Tap into performance-focused investment products.
Beneva only works with portfolio managers who are signatories to the UN Principles for Responsible Investment.
We take great care in proposing diversified investments suited to your profile.
Deposit coverage by Assuris of up to $100,000 per account category.3
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 |
Play it safe with a guaranteed payout
The hybrid GIC: Stock market exposure meets guaranteed earnings
Diversified funds and portfolios that deliver on performance
A flexible savings account with an attractive interest rate
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 |