Choose Based on Your Goal
| TFSA Type | Best For | Expected Return |
|---|
| High-interest savings | Short-term, emergency fund | 2-4% |
| GIC | Guaranteed return | 3-5% |
| Investment account | Long-term growth | 6-8%+ |
Not sure how much room you have? Use our TFSA contribution room calculator.
Best TFSA Savings Accounts
High-Interest TFSA Comparison
| Bank | Rate | Minimum | Monthly Fee |
|---|
| EQ Bank TFSA | 3.00%+ | $0 | $0 |
| Oaken Financial | 3.50%+ | $0 | $0 |
| Motive Financial | 3.75%+ | $0 | $0 |
| Tangerine | Variable* | $0 | $0 |
| Big banks | 0.01-0.5% | Varies | Varies |
*Promotional rates frequently available
EQ Bank TFSA
| Feature | Details |
|---|
| Interest rate | 3.00%+ |
| Monthly fee | $0 |
| Minimum balance | $0 |
| CDIC protected | Yes |
| Access | Unlimited |
Best for: High everyday rate with easy access.
Oaken Financial TFSA
| Feature | Details |
|---|
| Interest rate | 3.50%+ |
| Monthly fee | $0 |
| Minimum balance | $0 |
| CDIC protected | Yes |
Best for: Set-and-forget higher rates.
Best TFSA GICs
Top TFSA GIC Rates
| Provider | 1-Year | 3-Year | 5-Year |
|---|
| EQ Bank | 4.00%+ | 3.75%+ | 3.50%+ |
| Oaken | 4.25%+ | 4.00%+ | 3.75%+ |
| Tangerine | 3.50%+ | 3.25%+ | 3.00%+ |
| Big banks | 2.50%+ | 2.75%+ | 2.50%+ |
*Rates fluctuate—check current rates
When GICs Make Sense
| Situation | GIC Good Choice |
|---|
| Known short-term goal | Yes |
| No market risk tolerance | Yes |
| Holding 5+ years | Consider investing instead |
| Emergency fund | No (not liquid) |
Best TFSA Investment Accounts
For help deciding what to invest in, see our guide to ETFs and index funds for Canadian investors.
For DIY Investors
| Brokerage | Trading Fee | Account Fee | Best For |
|---|
| Wealthsimple Trade | $0 | $0 | Beginners |
| Questrade | $0 ETF buys | $0 | DIY investors |
| TD Direct Investing | $9.99 | $25/qtr* | TD customers |
| RBC Direct Investing | $9.99 | $25/qtr* | RBC customers |
*Often waived with minimum balance
Wealthsimple Trade TFSA
| Feature | Details |
|---|
| Trading commission | $0 |
| Account fee | $0 |
| Minimum | $0 |
| Fractional shares | Yes |
| Mobile app | Excellent |
Best for: Beginners, small amounts, commission-free trading.
Questrade TFSA
| Feature | Details |
|---|
| ETF buys | $0 |
| Stock trades | $4.95-$9.95 |
| Account fee | $0 |
| Features | Advanced trading tools |
Best for: ETF investors, more features than Wealthsimple.
Compare all options in our online brokers guide.
Best TFSA Robo-Advisors
Hands-Off Investing
| Provider | Management Fee | Minimum | Best For |
|---|
| Wealthsimple Invest | 0.50% | $0 | Beginners |
| Questwealth | 0.25% | $1,000 | Lower fees |
| CI Direct Investing | 0.35% | $0 | Good features |
Robo-Advisor Pros & Cons
| Pros | Cons |
|---|
| Automatic rebalancing | Higher fees than DIY |
| Simple to use | Less control |
| Professional management | Limited customization |
Comparison: All TFSA Types
Which to Choose
| Your Situation | Best TFSA Type |
|---|
| Emergency fund | High-interest savings |
| Short-term goal (1-3 years) | GIC or savings |
| Long-term (5+ years) | Investment account |
| Hands-off long-term | Robo-advisor |
| DIY long-term | Brokerage (ETFs) |
Expected Returns Comparison
| TFSA Type | 10 Years | 20 Years | 30 Years |
|---|
| Savings (3%) | $13,439 | $18,061 | $24,273 |
| GIC (4%) | $14,802 | $21,911 | $32,434 |
| Investing (7%) | $19,672 | $38,697 | $76,123 |
*Starting with $10,000, no additional contributions
TFSA Contribution Room
Limits
| Year | Annual Limit |
|---|
| 2024 | $7,000 |
| 2025 | $7,000 |
| 2026 | ~$7,000 |
| Cumulative (18+ since 2009) | ~$95,000+ |
Multiple TFSAs Allowed
| Rule | Details |
|---|
| Multiple accounts | Yes |
| Total contribution | Across all accounts |
| Example | $30K at EQ Bank + $30K at Questrade = $60K total |
How to Open Each Type
TFSA Savings (EQ Bank Example)
| Step | Action |
|---|
| 1 | Visit EQ Bank website |
| 2 | Select TFSA Savings |
| 3 | Provide ID, SIN |
| 4 | Fund account |
| 5 | Start earning interest |
TFSA Investment (Wealthsimple Example)
| Step | Action |
|---|
| 1 | Download app |
| 2 | Create account |
| 3 | Select TFSA |
| 4 | Verify identity |
| 5 | Transfer money |
| 6 | Buy investments |
Maximizing Your TFSA
Strategy by Age
| Age | Suggested TFSA Strategy |
|---|
| 20s | 100% growth (VEQT/XEQT) |
| 30s | 80-100% growth |
| 40s | 60-80% growth |
| 50s | 40-60% growth |
| 60s+ | Income/preservation |
Best Investments for TFSA
| Investment | Why in TFSA |
|---|
| High-growth ETFs | Max benefit from tax-free growth |
| REITs | Distributions tax-free |
| US stocks | No withholding in TFSA (some exceptions) |
Avoid These Mistakes
Common TFSA Errors
| Mistake | Consequence |
|---|
| Over-contributing | 1% penalty per month |
| Day trading | CRA may tax as business income |
| Keeping cash earning 0.01% | Missing growth |
| Using for short-term | Wasting tax-free room |