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TFSA Accounts


A Tax-Free Savings Account (TFSA) is a registered account introduced by the Federal Government in the 2008 Budget. Investment income and capital gains in the account will grow tax-free.


SBI Canada Bank offers Tax Free Savings Accounts (TFSA) in the form of following two products:

  1. As TFSA Power Savings Account.
  2. As TFSA Power Non-Redeemable GICs. 

TFSA is a registered product and is offered to a Canadian resident who is 18 years of age or older and holds a valid Social Insurance Number.

  • Investment income in TFSA accounts will grow tax-free.

  • Available as a Savings Account for investment of Canadian Dollar funds.

  • Can also be invested as a Non-Redeemable GIC for investment of Canadian Dollar funds.

  • Annual contribution limit for 2016 and subsequent calendar years is C$5,500.00

  • Unused contribution room can be carried forward.

  • We offer attractive interest rates (Latest Interest Rates

  • Interest income on eligible amount is tax free.

  • Withdrawals from TFSA Savings Account can be made at any time and all withdrawals are tax free.

  • The Canada Revenue Agency (CRA) will track your contribution room. CRA reports this amount to individuals through the "My Account" function on the CRA website. (http://www.cra-arc.gc.ca/myaccount/)

  • Safety of Deposits: SBI Canada Bank is a member of CDIC. (To find out information about deposit insurance from the Canada Deposit Insurance Corporation including what instruments and/or products are eligible for deposit insurance, visit their website http://www.cdic.ca/. Information on deposit insurance is also available in the CDIC brochure entitled "Protecting Your Deposits")

For detailed disclosures on GICs click here 

How to Open an Account Click Here
Super Saver

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