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Tax-Free Savings Accounts (TFSA)

A TFSA is an investment account that lets you save up to $5,000 a year without having to pay tax on income earned.  Any Canadian resident 18 years or older who is an eligible taxpayer and has a SIN number is eligible for a TFSA.

You can save for anything you'd like - a new car, a family holiday or just for a rainy day.  And you can withdraw your money anytime, tax-free.  And should you not fully contribute $5,000 you can carry the extra contribution room forward for the next year. 

Features of TFSAs

  • Available to Canadian residents age 18 and older
  • Income earned and capital gains under a TFSA will be tax sheltered
  • Withdrawal of contributions and/or income will not be subject to tax
  • Unused contribution room may be carried forward and contributed in a future year
  • Withdrawals (capital and income) will increase the unused contribution room
  • Unused contribution room will be reported on your annual CRA Notice of Assessment
  • Contributions will not be tax deductible
  • Contributions may only be made by the owner

To start investing in your TFSA, call TCU at 519-692-3855

NB: TFSA transfers out subject to $30.00 fee

Deposits in registered savings plans are fully insured. (Other Canadian dollar deposits insured up to $100,000)

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