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The Tax-Free Savings Account (TFSA) is an easy way to save. The income earned on deposits and investments in a TFSA is not taxed. You can also withdraw your money at any time for any reason without being taxed. And you can put it back starting from the beginning of the following year.1
Designate a Beneficiary to your Tax-Free Savings Account (TFSA)
0.50% Bonus Offer
Earn 0.50% bonus** Interest rate on new deposits into a TFSA High Rate Savings or HSBC Advance TFSA from now until
Is a Tax Free Savings Account right for me?
Yes! Whether you already have savings accounts or investments, or you want to have them, a Tax Free Savings Account will be suitable for Canadians from all income levels.
Growth
- You will be able to accumulate savings faster because income and capital gains earned within the TFSA are tax-free.
TFSA Flexibility
- Unlike an RRSP or RESP, a Tax Free Savings Account is designed to help you save for any financial goal at any point in the future – a car, home renovations, starting a new business or just a rainy day.
- Withdrawals will be tax-free and possible at any time.
- You do not have to contribute the maximum of $5,000 every year, as the unused contribution room can be carried forward to future years.
Retirement
- The Tax Free Savings Account is a great alternative savings vehicle when your RRSP contributions have been maximized.
- If you do not immediately need your RRIF mandatory withdrawals, contribute them to a Tax Free Savings Account for continued growth.
Future
- A Tax Free Savings Account encourages you to start saving early to meet the demands of the future without having to worry about taxes on your earnings and withdrawals.
The content herein is not intended to provide specific tax advice and should not be relied upon in this regard. Please consult your tax advisor to find out which strategies suit your tax situation. HSBC Bank Canada makes no guarantee, representation, or warranty and accepts no responsibility or liability as to the tax treatment of these services.
* Income earned in a TFSA is not subject to Canadian taxes. Taxes of other countries may apply. Contributions to Tax-Free Savings Accounts (TFSAs) are limited annually. Generally, the maximum contribution room for a year is equal to the total of unused contribution room from the previous year, distributions made in the previous year and TSFA dollar limit for the year ($5,000 which may be increased for inflation). The maximum annual contribution applies to all of your TFSAs held with HSBC Bank Canada or any other financial institution. Only Canadian residents, who are over 18 years of age and have a valid Social Insurance Number can make contributions to a TFSA. Consult your tax advisor for full details about TFSAs and how they relate to your tax situation.
** Bonus interest rate of 0.50% on new deposits until
Personal customers only.
1 Re-contribution of money withdrawn from a TFSA may be subject to rules and annual limits. Consult your personal tax advisor.
2 Minimum investment of $1,000 required. Issued by HSBC Bank Canada. No interest paid if redeemed within first 89 days.
3 Minimum investment of $1,000 required. Issued by HSBC Bank Canada. Redeemable prior to maturity receive no interest.
4 HSBC Global Asset Management (Canada) Limited is the manager and primary investment advisor for the HSBC Mutual Funds. HSBC Investment Funds (Canada) Inc. is the principal distributor of the HSBC Mutual Funds. HSBC Mutual Funds are also distributed through authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual Funds are not guaranteed or covered by the Canada Deposit Insurance Corporation, HSBC Bank Canada, or any other deposit insurer. Their values change frequently and past performance may not be repeated. The unit value of money market funds may not remain constant.
5Issued by HSBC InvestDirect, a division of HSBC Securities (Canada) Inc., a wholly owned subsidiary of, but separate entity from, HSBC Bank Canada. Member CIPF.
