Tax-Free Savings Accounts (TFSAs)

If you are a Canadian resident 18 years of age or older with a valid Social Insurance Number (SIN), you are eligible to open a Tax-Free Savings Account. All the interest earned on your eligible contributions are tax free. The Annual TFSA eligible contribution limit is $6,000.

Tax-Free Savings Account (TFSA) Features

TFSA Investment Options

Choose from any of our existing investment products such as:

  • Short-Term Deposits - 30 through 364 days: Interest Paid at Maturity
  • Guaranteed Investment Certificates in terms from one to five years with interest payable* :
    • Monthly (Direct Deposit Only),
    • Quarterly,
    • Semi-annually,
    • Annually, or
    • Compounded annually

*The interest earned on your TFSA deposits is tax-free, to spend or reinvest as you wish.

If you would like to withdraw your interest earned, you may choose to:

  • Receive payment by cheque or
  • Receive a credit directly to your bank account (VOID Cheque Required)

If you would prefer to not withdraw, you may reinvest the interest earned in the GIC at the contract rate:

  • At maturity the amounts can be automatically re-invested until a written request to withdraw the full or partial amount of the deposit is received

Minimum TFSA Deposit Amounts

  • Short-Term Deposits $500.00
  • GICs $500.00

At maturity the principal amounts can be automatically re-invested until a written request to withdraw the full or a partial amount of the deposit is received.

Contributing to Your TFSA

  • Cheque Payable to Equitable Bank
  • Partial withdrawals from an existing Equitable Bank investment for contribution to an Equitable Bank TFSA (continuing the same terms) will be available at any time


  • All withdrawals of principal must be requested in writing.

Canada Deposit Insurance Corporation (CDIC)

All products eligible for Equitable Bank's Tax-Free Savings Account are eligible for coverage under CDIC's deposit insurance program subject to CDIC's limits and policies.

TFSA Application Form
TFSA Transfer Form

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Equitable Bank and Equitable Trust are each members of the CDIC.