The Canadian ETF Association (CETFA) has proposed a new investment savings account called the Maple Investment TFSA, designed to help lower- and middle-income Canadians build a nest egg while keeping more of their money invested in Canada.
How the Maple Investment TFSA Works
For Canadian households earning $90,000 a year or less, the federal government would match every dollar they put into the account — up to $1,000 annually — as long as the money is invested in Canadian companies and funds. This means if you contribute $1,000, the government adds another $1,000.
Addressing Dual Challenges
Many Canadians struggle to save as the cost of living rises, and a growing portion of existing savings flows out of the country. Canadians currently hold roughly $300 billion in U.S.-domiciled ETFs — capital that could instead support Canadian businesses, jobs, and markets. The Maple Investment TFSA aims to address both issues by incentivizing saving and directing those savings into the Canadian economy.
“For too many Canadians, saving feels out of reach — and the savings that do happen are increasingly leaving the country,” said Eli Yufest, Executive Director of CETFA. “The Maple Investment TFSA changes both. It rewards people for putting money aside, and it makes sure that when they do, their money is working for Canada — supporting Canadian businesses and Canadian jobs. It’s a simple, targeted way to help families get ahead while strengthening our own economy.”
Bridging the Investment Gap
Even Canadians who already save often miss out on growth. Nearly 90% of TFSA holders do not use all their contribution room, and almost half hold their TFSA in cash rather than investments, losing years of potential returns. By rewarding investment, the Maple Investment TFSA is designed to close this gap.
Implementation and Cost
The Maple Investment TFSA could be offered as a new account or integrated into the existing TFSA system, making it familiar and easy to adopt. CETFA estimates the matching grant would cost the federal government about $2.7 billion annually — roughly 0.08% of Canada’s economy, or $69–$77 billion over 25 years. In return, the program could draw up to $55 billion in new savings into Canadian investments over that period and bring an estimated 13 million more Canadians into a savings account. Because eligibility is capped at $90,000, all government support would target lower- and middle-income households.
