TFSAs

A TFSA is more than a regular savings account. 

TFSA's are a great way to save for both short and long term goals such as for a vehicle purchase, the vacation you have been dreaming of, and especially your retirement goals. 

The annual TFSA limit for 2023 is $6,500 and the 2024 limit is $7,000. For full details about your contribution limit, please visit the CRA website

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You want to earn a higher rate of interest and have the freedom to access your funds if you need them. 
Term Length 12 Months
Minimum Deposit $1,000
Additional Deposits (through your Financial Advisor)*
Yes.
Automatic Renewal Yes.
Redemption
Redeemable in full after 90 days without penalty - No interest paid if redeemed within first 90 days.
Withdrawals
Withdrawals can be made at any time after 90 days.
Minimum withdrawal is $1,000.
$1,000 minimum balance must be maintained.
Interest Paid
Monthly** or Annually into Investment or to a demand account.

*Conditions may apply. Speak to your Financial Advisor.
**Monthly interest offered at a reduced rate. Restrictions apply.
Are you wanting to save for your future? Or tuck away funds for that special occasion like a vacation? Our Easy Builder is a great option! 
Term Length 12 Months or 18 Months
Minimum Initial Deposit $100
Minimum Deposit $1,000 to be reached at end of the 18-month term.
Additional Deposits Pre-Authorized Credit Only - Conditions apply.
Pre-authorized Deposits
Yes. A minimum of $50 pre-authorized deposit must be set up.
Automatic Renewal Yes.
Redemption No.
Interest Paid Annually into investment or to a demand account.

Lock-in your funds and earn a higher interest rate. 
Term Length 12, 24, 36, 48, 60 months
Minimum Deposit $1,000
Automatic Renewal Yes.
Redemption No.
Interest Paid
Monthly* or Annually into Investment or to a demand account.

*Monthly interest offered at a reduced rate. Restrictions apply.
The Variable TFSA is a cashable tax free investment with a competitive variable interest rate.  This flexible investment allows you to deposit or redeem at any time.
  • No minimum balance required
  • Free deposits
  • Access to a portion or your entire balance at any time
  • Tiered interest rate
  • One free withdrawal per month - $5.00 per withdrawal after

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Resources


We know how important your financial wellness is.
Visit Cornerstone's Knowledge Centre for resources, articles, tips and tricks that can help make things
easier 
when it comes to your financial health.

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RRSP vs TFSA

At some point in your life you have probably heard about an RRSP as well as an TFSA.
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