The Tax-Free Savings Account (TFSA) program began in 2009. It is a way for individuals who are 18 and older and who have a valid social insurance number to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn.  Administrative or other fees in relation to TFSA and any interest or money borrowed to contribute to a TFSA are not deductible.
TFSAs (Rates effective 2020-06-08) Rates
Variable 0.75%
1 Year 1.75%
2 Year 1.80%
3 Year 1.90%
4 Year 2.00%
5 Year 2.05%

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