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Registered Plans

TFSA

Save for a specific goal or to help boost your retirement savings.

What is a TFSA?

A Tax Free Savings Account (TFSA) is a registered investment account, available to Canadians 18 years and over, that lets your earnings grow tax free. Unlike an RRSP, contributions are not tax deductible, meaning you don’t pay any tax on withdrawals.

Why invest with Alterna?

Tax-free growth

A great way to save for short term goals as you can withdraw from them anytime, without paying tax


Flexible investment options

Allows you to invest in a wide range of savings and investment options to reach your goals

Worry free withdrawals

A great way to save for short term goals as you can withdraw from them anytime, without paying tax

How to make the most of your TFSA

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  • Start Early - The earlier you start investing in a TFSA, the more time your money has to grow tax free.

  • Contribute the max - TFSA contribution room can be carried forward, so your unused available balance builds each year. For this year’s limit, check the CRA’s TFSA Savings Account Guide for Individuals.

  • Choose the right investments - It’s important to consider the right mix of investments. Our advisors can help you select an appropriate mix based on your risk tolerance and investment horizon.

Ways to Invest

Personal Banking
Advisors

Our advisors can help you purchase or renew your investments over the phone or in branch so you can achieve your financial goals.

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Wealth
Management

Our advisors provide access to comprehensive, customized financial management built through integrity, ethics and responsibility.

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Online
Investing

Bank anywhere with our online banking options. Buy or renew GICs/Term Deposits online or set up transfers.

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Direct
Investing

Tap into timely insights and tools to invest with confidence in all market conditions with Qtrade® Investor.

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Calculators

Retirement Planner

Retirement Planner

RRIF Calculator

RRIF Calculator

TFSA Calculator

TFSA Calculator

Education Savings

Education Savings

Articles

Young male sitting at a desk while on his laptop

TFSA Pitfalls to Avoid

Tax-Free Savings Accounts  have lots of benefits, but there are a few common mistakes that could cost you.

Read More
Beautiful young woman and her dog cocker spaniel eating ice cream in the city on sunny summer day

A Pocket Guide to TFSAs and RRSPs

You’ve heard of both a Tax-Free Savings Account and Registered Retirement Savings Plan. Here are the key differences between these two accounts.

Read More
Young woman sitting and smiling at her desk while writing on a notepad

Why You Should Have a TFSA

A Tax-Free Savings Account is a great tool for both short and long term savings.

Read More
View More

You may also need...

Investment Savings Account

A high-interest savings account that helps you reach your savings goals faster. 

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Mortgage

Whether you’re looking to buy a home, searching for a better mortgage rate or renew an existing mortgage, we have the right solution for your particular needs.

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MarketTracer® Term Deposit

Looking for a safe investment with the potential for higher returns? Alterna’s MarketTracer® provides the security of a term deposit, but the return is based on the performance of an underlying index or basket of securities.

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Wealth Solutions

Alterna Wealth can help manage your investments so you can build, strengthen and preserve your wealth.

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RRSP
An RRSP allows you to make tax-deductible contributions and your savings to grow tax free until withdrawn from the plan.

Learn More

How can we help?

Book an Appointment

Book an Appointment

Call Us 1.877.560.0100

Call Us 1.877.560.0100

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Find Us

TFSA

Frequently Asked Questions

All Canadians 18 years and over with a valid Social Insurance Number may hold a TFSA. There’s no maximum age for holding a TFSA, so seniors can continue to contribute to a TFSA even after they are required to convert their RRSP into an income option.

The Canada Revenue Agency (CRA) sets the annual TFSA contribution limit. As your annual contribution room can be carried forward, and contributions are not tied to income, you can contribute up to the maximum limit for every year since the product was launched in 2009 (or from the year in which you turned 18). The annual limit for 2022 is $6,000.

Visit the CRA website for a full breakdown of annual contribution limits. 

You are allowed to contribute up to the annual limit set each year by the CRA, plus any past year’s unused contribution room. It’s important, however, not to contribute above your allowable limit. The CRA will charge you 1% each month on any excess amount that remains in your account.

You are allowed to withdraw funds from your TFSA tax free at any time. The only exception would be if the funds are invested in a term deposit that needs to be held until its maturity date. You are also allowed to recontribute the amount of your withdrawal any time after the start of the following year.

A TFSA can hold a variety of investments, including:

  • Savings Accounts
  • Term Deposits & MarketTracer® Term Deposits
  • Mutual Funds
  • ETFs
  • Stocks
  • Bonds
Learn more about Alterna Wealth

No, TFSA contributions are not tax-deductible.

Yes. You are allowed to hold multiple TFSA accounts, so long as the total value of the accounts does not exceed your overall contribution limit.

Your financial well-being comes first

Welcome to a better way to bank. Our knowledgeable team puts your financial well-being first with good, caring and transparent advice while offering all the products and services you need.

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