According to Statistics Canada, more than 15 million Canadians currently hold TFSAs, and the total value of those TFSAs is more than $71 million. In fact, TFSAs have become more popular than RRSPs as a vehicle for both saving and retirement. TFSAs offer a distinct advantage to Canadians. While you won’t receive a tax deduction for contributing, you also won’t be taxed when you do withdraw your money, and you can withdraw it at any time. However, the real advantage of the TFSA is that you also won’t pay taxes on any investment profits or interest you make on the money in your TFSA.
EQ Bank
- Account Options Savings Accounts, Chequing Accounts
- Countries Served Canada Only
- Branches in Canada Online only
- Savings accounts offered
- Savings Plus Account
- Joint Savings Plus Account
- TFSA Savings Account
- RSP Savings Account
- US Dollar Account
- Reloadable EQ Bank Card
- Registered and non-registered GICs
- Send international money transfers with Wise
- Offers fixed and variable mortgages
- No monthly fees
- Free bill payments
- Free EQ to EQ transfers