Tax Free Savings Account (TFSA)

Make your money grow with a tax-free account.

If you’ve already made your annual RRSP contribution to reduce your taxable income and are still looking for a tax-free savings growth opportunity, a TFSA may be the answer. Capital gains in the form of interest and dividends grow tax-free for life – and they aren’t taxed at withdrawal.

 

Features

  • 1- to 5-year terms or open savings available
  • Contributions are not tax deductible, but the investment income earned in your TFSA is tax-free, even upon withdrawal
  • Unused contribution room can be carried forward
  • Withdrawn amounts can be redeposited the following year without reducing your contribution room
  • Contributions and withdrawals will not affect your eligibility for federal benefits like the Guaranteed Income Supplement and Canada Child Tax Benefit
  • TFSA assets can be transferred to your spouse or partner on your death without affecting their contribution room
  • You must be at least 18 years of age and have a Canadian social insurance number
  • Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA)

If you would like more information or are ready to invest, please call or visit our Main Branch and speak with one of our Financial Services Representatives.

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