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Compound Interest

Maxed out your TFSA?

by Achieva Financial
Jan January 04

The annual TFSA contribution limit for the year 2022 is $6,000. This means Canadians have a total cumulative limit of $81,500 since the TFSA establishment in 2009, assuming they were over the age of 18 in 2009. If you’re a savvy saver and have maxed out your TFSA contribution limit, don’t worry! You still have plenty of other savings options with Achieva. For instance, Achieva offers non-registered Guaranteed Investment Certificates (GICs), which allows you secure investment options with a guaranteed high interest rate. All deposits guaranteed without limit by the Deposit Guarantee Corporation of Manitoba.

You can invest a lump sum for a term length of your choice (1-5 years), and can choose whether you’d like your interest earnings to compound over the duration of the term, or have it paid annual to your Daily Interest Savings Account. Once your GIC matures, you have the flexibility to reinvest the funds into a new GIC or deposit it into your Daily Savings Account.

With a non-registered Achieva GIC, you’ll be benefiting from some of the highest GIC rates in Canada, a variety of term options, so you’ll be sure to maximize your savings without worrying about contribution limits.