Investing · Manzil
Manzil TFSA - Tax-Free Savings Account
Co-Founder & CEO, HalalWallet
Facts are re-verified against Manzil's published materials; this page updates when the provider's terms, rates, or coverage change.
Manzil's TFSA puts Canada's most flexible tax shelter to work in AAOIFI-certified halal portfolios: all investment growth and withdrawals are completely tax-free, 2026 contribution room is $7,000 (lifetime room $109,000 for those eligible since 2009), and withdrawn amounts are restored to your room the following calendar year. Corex Financial manages the underlying portfolio - no bonds, GICs, or interest instruments - under Manzil's named three-scholar Shariah Supervisory Board. There is no upper age limit, and assets are held with CIRO-member custodians covered by CIPF.
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What is the Manzil TFSA - Tax-Free Savings Account?
Manzil's TFSA puts Canada's most flexible tax shelter to work in AAOIFI-certified halal portfolios: all investment growth and withdrawals are completely tax-free, 2026 contribution room is $7,000 (lifetime room $109,000 for those eligible since 2009), and withdrawn amounts are restored to your room the following calendar year. Corex Financial manages the underlying portfolio - no bonds, GICs, or interest instruments - under Manzil's named three-scholar Shariah Supervisory Board.
- Contract structure: Wealth Management.
- Available in every province.
- Shariah oversight disclosed: Formal Board.
- HalalWallet Index grade for Manzil in Investing: A.
- Verified against Manzil's published materials on 2026-09-29.
Source: HalalWallet (halalwallet.ca)
Key facts
- Structure
- Wealth Management
- Availability
- every province
- Shariah oversight
- Formal Board
- Shariah board
- Formal Board
- Last verified
- 2026-09-29
Facts are taken from Manzil's published product materials and were last verified on 2026-09-29. Fields the provider does not publish are omitted rather than estimated.
Our take
A TFSA is the natural first account for most Canadian investors, and Manzil's version keeps every dollar of tax-free growth inside AAOIFI-certified halal portfolios managed by Corex Financial. The wrapper mechanics are standard - $7,000 of new room in 2026, withdrawals restored the next calendar year, no tax ever on growth - but the contents are what matter: screened equities and halal income assets instead of the interest-bearing funds most TFSA providers default to, certified by a named three-scholar Shariah board. You work within CRA limits and Manzil's managed lineup rather than picking your own securities, and Canadian fees are unpublished, so confirm pricing at signup. Best for Canadians who want their most tax-efficient account invested halal without managing it themselves.
Strengths
- Investment growth and withdrawals are completely tax-free
- Flexible enough for both short- and long-term goals
- Certified by Manzil's Shariah Supervisory Board to AAOIFI standards
- Available in all 13 Canadian provinces and territories
Watch-outs
- Contribution room is capped by CRA limits ($7,000 for 2026)
- Limited to Manzil's managed halal portfolio lineup
- Canadian fees aren't published on manzil.co - the posted $48/year + 0.40% pricing applies to the US platform, so confirm CAD pricing at signup
Is the Manzil TFSA - Tax-Free Savings Account halal?
The account wrapper is tax treatment, not the investment - what makes it halal is what's inside: Manzil portfolios hold only AAOIFI-screened securities with no bonds, GICs, or interest-bearing instruments, incidental impure income is quantified for purification, and products are certified by Manzil's Shariah Supervisory Board (Dr. Shaher Abbas, Dr. M. Gadhoum, Mufti Faraz Adam). Growth inside the TFSA compounds tax-free without any interest-based holdings.
Shariah oversight disclosed by Manzil
Manzil's products are certified by its internal Shariah Supervisory Board, whose governance adheres to AAOIFI standards, with external independent review by Mufti Ebrahim Desai (Darul Iftaa Mahmudiyyah) for home financing. Manzil is Canada's first AAOIFI member and publishes its Shariah compliance certificates in English, French, and Arabic at manzil.co/ca/certifications.
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- All growth and withdrawals completely tax-free
- 2026 contribution room of $7,000; lifetime room of $109,000 for those eligible since 2009
- Withdrawn amounts restored to contribution room the following calendar year
- AAOIFI-screened portfolios managed by Corex Financial - no bonds, GICs, or interest instruments
- No upper age limit; assets held with CIRO-member custodians covered by CIPF
Cost and terms
Canadian fee schedule not published on manzil.co (crawled 2026-08-05): the platform's pricing page is US-branded ($48/year Core Plan plus 0.40% AUM fee, $0/year Premium at $100K+, for US Managed Portfolios) and no CAD fees appear on the /ca/halal-invest pages; portfolio management is provided through Corex Financial Inc. - confirm Canadian fees at signup
How it compares
Other investing providers we list in Canada, ordered by HalalWallet Index grade.
| Product | Structure | Shariah oversight | Availability | Grade |
|---|---|---|---|---|
| Manzil TFSA - Tax-Free Savings Account (this page) | Wealth Management | Formal Board | every province | A |
| ShariaPortfolio TFSA - Tax-Free Savings Account | Wealth Management | Third-Party Certified | 4 provinces | — |
| Wahed FTSE USA Shariah ETF | Index-based | Third-Party Certified | 10 provinces | B |
| Assad Wealth Management Wealth Management | Wealth Management | No Public Review | 10 provinces | — |
| SPFunds SP Funds S&P World ETF | Index-based | Third-Party Certified | 10 provinces | — |
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- RESP - Registered Education Savings Plan
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- Murabaha Mortgage
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- Manzil Wills - Islamic Will
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- Joint Account (Non-Registered)
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- Manzil Russell Halal USA Broad Market ETF
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- RRIF - Registered Retirement Income Fund
Retirement · Wealth Management
Where it's available
Manzil lists the TFSA - Tax-Free Savings Account as available in every province.
Availability may vary by product and can change; verify with Manzil before applying.
Frequently asked questions
Is the Manzil TFSA - Tax-Free Savings Account halal?
The account wrapper is tax treatment, not the investment - what makes it halal is what's inside: Manzil portfolios hold only AAOIFI-screened securities with no bonds, GICs, or interest-bearing instruments, incidental impure income is quantified for purification, and products are certified by Manzil's Shariah Supervisory Board (Dr. Shaher Abbas, Dr. Contract structure: Wealth Management. Shariah oversight disclosed by Manzil: Formal Board. HalalWallet reports what the provider documents; we do not certify products.
How does the Manzil TFSA - Tax-Free Savings Account work?
Manzil's TFSA puts Canada's most flexible tax shelter to work in AAOIFI-certified halal portfolios: all investment growth and withdrawals are completely tax-free, 2026 contribution room is $7,000 (lifetime room $109,000 for those eligible since 2009), and withdrawn amounts are restored to your room the following calendar year.
What does the Manzil TFSA - Tax-Free Savings Account cost?
Canadian fee schedule not published on manzil.co (crawled 2026-08-05): the platform's pricing page is US-branded ($48/year Core Plan plus 0.40% AUM fee, $0/year Premium at $100K+, for US Managed Portfolios) and no CAD fees appear on the /ca/halal-invest pages; portfolio management is provided through Corex Financial Inc. - confirm Canadian fees at signup
Where is the Manzil TFSA - Tax-Free Savings Account available?
Manzil lists this product as available in every province. Availability can change and may differ by province; verify directly with Manzil.
What are the alternatives to the Manzil TFSA - Tax-Free Savings Account?
In the same category we also list ShariaPortfolio TFSA - Tax-Free Savings Account, Wahed FTSE USA Shariah ETF (HalalWallet Index B), Assad Wealth Management Wealth Management. Compare every option side by side on our Halal Investing hub.
When was this Manzil product information last verified?
HalalWallet last verified the Manzil TFSA - Tax-Free Savings Account details against Manzil's published materials on 2026-09-29. Rates, fees, and availability can change after that date.
How to use this comparison: HalalWallet is an independent educational comparison platform - by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider - their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-09-29
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