Tax-Free Savings Account and Tax-Free GICs
A new way to save
Tax-Free Savings Account and Tax-Free GICs are registered accounts offered to any Canadian resident who is 18 years of age or older and has a valid Social Insurance Number. Investment income in these accounts will grow tax-free.
Tax-Free Savings Account (TFSA)
To give you flexibility when you don’t want to lock in your funds for a fixed term or interest rate, a TFSA is the ideal solution. You also receive your interest credited monthly.
- High Interest Rate: Earn 1.80% p.a. interest. Interest is calculated daily and paid monthly.
- No Fees: Keep all of your money. There are no monthly or annual administration fees, so you can watch your money grow faster.
- Flexible: No minimum balance.
- Convenient Banking: You may do your banking online or by phone at your convenience
- Safe and Secure: ICICI Bank Canada is a member of CDIC. Only deposits held in Canadian currency, having a term of five years or less and payable in Canada are
insurable under the Canada Deposit Insurance Corporation Act.
Tax-Free GIC is the right choice when you want to invest at a guaranteed interest rate for a fixed term. Nothing to worry about.
- Attractive Interest Rates: Highly competitive interest rates. Interest is compounded annually and paid at maturity.
- Guaranteed Return: The interest rate is guaranteed for the term of the deposit.
- Low Minimum Investment: You don't need a lot to invest. Only a minimum of C$1,000 is required to open a Tax-Free GIC account.
- Various Terms: Invest for the term of your choice - from 1 to 5 years.
- Up to C$5,500 in 2013.
- Unused contribution room can be carried forward indefinitely.
- Interest income on eligible amounts is not subject to tax on withdrawal.
- The amount withdrawn from a Tax-Free account can be put back at a later date, without reducing your contribution room.