Tax-free savings accounts

Overview

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Manulife Bank has two tax-free savings accounts (TFSAs) you can offer your clients as a great option for tax-sheltering their savings:

  1. Tax-Free Advantage Account - a bank account that features a tax-free, high rate of interest 1 , no minimum balance and no fees for making deposits and withdrawals.
  2. Tax-Free Guaranteed Investment Certificate (GIC) - tax-free guaranteed growth for your client's investment.

TFSAs are a great savings vehicle for all of your clients because they offer a tax-free way to save for both short-term and long-term goals. Available for all Canadian residents who are 18 years or older, TFSAs can be an ideal addition to registered savings.

Government TFSA website

The Government TFSA website is a great resource for explanations, ideas and a calculator to help you understand TFSAs and how they could work for you.

Government TFSA website

Current rates

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Questions?

 1-800-567-9170

 

advisorbank@manulife.com

 

Manulife Bank is a member of Canada Deposit Insurance Corporation (CDIC). Visit cdic.ca or call 1-800-461-2342 for details.

Product features

Manulife Bank offers two tax-free savings accounts:

  1. Tax-Free Advantage Account
  2. Tax-Free Guaranteed Investment Certificate (GIC)

Information applicable to both accounts

Tax status

  • Tax-Free Savings Account (TFSA)

Tax implications

  • Growth in the account after death is taxable.
  • TFSA contributions are NOT tax deductible.
  • Excess contributions will be subject to a CRA penalty of one percent per month.

Deposit fees

  • None
 

CDIC eligibility

  • May be eligible
 

Beneficiaries

Please note when completing applications for bank registered products, beneficiaries cannot be named in the province of Quebec. Please call our call centre at 1-800-567-9170 for a current list of provinces that allow beneficiary designations on bank registered products.
 

Other personal accounts

Advantage Account

High-interest savings and daily chequing account.

RRSP

Help clients build their retirement nest egg with high interest.

RRIF

Help clients finance their retirement lifestyle with high interest on their savings.

1 The variable annual interest rate is applied to all funds in the account. Interest is calculated daily on the total closing balance and paid monthly. Rate is subject to change.

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