Neo Invest–powered by OneVest
Open your TFSA account completely online in minutes.
Let’s break this down
What's a TFSA?
A Tax Free Savings Account, or TFSA, is registered with the Canadian Government. This isn’t your average savings account where you earn an underwhelming .005%², you can invest for growth. The best part is, you don’t pay taxes on any profits.
Do I need to start now?
Like with any investment there are significant benefits to starting earlier than late. Time is money, after all. So the earlier you start the sooner you can benefit from compound interest. The longer you have funds in your TFSA, the more time it has to compound, which can result in doubling your account size just by starting earlier.
Neo Tip: Investing, and investing early, is historically one of the only sure ways to beat inflation.
Dates and limits to keep in mind.
The TFSA contribution deadline in Canada is always December 31st. Don’t be worried about missing that date as any contribution room you haven’t used in previous years carries over. Take a peek at your Notice of Assessment (NOA) to find out your annual and total (lifetime) contribution room, and make an investing plan that suits your goals.
Important Note: Watch those contribution limits. If you over-contribute, you’ll be penalized 1% on the excess every month, until you withdraw it.
Investing made easy
OneVest Management Inc. is a registered Portfolio Manager in each province and territory of Canada and an Investment Fund Manager in the provinces of Alberta, Newfoundland and Labrador, Ontario, and Quebec. Assets in your OneVest accounts are held with CI Investment Services (CIIS), a registered investment dealer in each province and territory of Canada, a member of the Investment Industry Regulatory Organization of Canada (IIROC). OneVest is a wholly-owned subsidiary of One Wealth Technologies. Copyright @ 2021, One Wealth Technologies Inc. All rights reserved.
Neo Invest is not available in French or in Quebec.
The Funds are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer and are not guaranteed or insured. Their values change frequently.
¹ Based on research comparing the fees offered by traditional wealth management firms. Research conducted by OneVest and provided to Neo Invest in March 2022.
² Based on research comparing high-interest savings rate of Canada’s ‘Big 5’ banks using a $100 investment, excluding promotional rates and rate premiums. Research was conducted by Neo Financial and based on data taken from public websites as at June 16, 2022.