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Tax-Free Savings Account - TFSA Investment
A new way to save
Tax-Free Savings Account and Tax-Free GICs are registered accounts offered to any Canadian resident who is 18 years of age or older and has a valid Social Insurance Number. Investment income in these accounts will grow tax-free.
Tax-Free Savings Account (TFSA)
To give you flexibility when you don’t want to lock in your funds for a fixed term or interest rate, a TFSA is the ideal solution. You also receive your interest credited monthly.
- High Interest Rate: Earn 1.25% p.a. interest. Interest is calculated daily and paid monthly.
- No Fees: Keep all of your money. There are no monthly or annual administration fees, so you can watch your money grow faster.
- Flexible: No minimum balance.
- Convenient Banking: You may do your banking online or by phone at your convenience
- Safe and Secure: ICICI Bank Canada is a member of the Canada Deposit Insurance Corporation (CDIC). All deposits with the Bank are eligible for deposit insurance from CDIC, subject always to coverage limitations as outlined by CDIC. Learn more about Canada Deposit Insurance.
For further information, visit www.cdic.ca or contact CDIC at 1-800-461-CDIC (2342).
Tax-Free GICs
Tax-Free GIC is the right choice when you want to invest at a guaranteed interest rate for a fixed term. Nothing to worry about.
- Attractive Interest Rates: Highly competitive interest rates. Interest is compounded annually and paid at maturity.
- Guaranteed Return: The interest rate is guaranteed for the term of the deposit.
- Low Minimum Investment: You don't need a lot to invest. Only a minimum of C$1,000 is required to open a Tax-Free GIC account.
- Various Terms: Invest for the term of your choice - from 1 to 5 years.
Attractive interest rates:
| Tax-Free GIC | |
|---|---|
| 1 Year | 4.15% |
| 2 Years | 3.80% |
| 3 Years | 3.70% |
| 4 Years | 3.50% |
| 5 Years | 3.50% |
Rates are as of October 18, 2024.
Early redemption is available on GIC of 1-year and above at 0.50%. Interest rates are expressed on a per annum basis and are subject to change any time without notice. Interest on the TFSA Savings Account is calculated daily and paid monthly. Interest on TFSA GICs is compounded annually and paid at the end of the term. Other conditions may apply.
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Contributions:
- Click Here for the TFSA contribution limits as defined by Canada Revenue Agency (CRA).
- Unused contribution room can be carried forward indefinitely. The amount you withdraw can be re-contributed to your TFSA in the following year or years without impacting your contribution room.
Withdrawals:
- Interest income on eligible amounts is not subject to tax on withdrawal.
- The amount withdrawn from a Tax-Free account in the current year is added to your contribution room in the next calendar year.
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