Tax-Free Savings Account

Tax-Free Savings Accounts (TFSAs) are available to any Canadian resident age 18 and older with a Social Insurance Number. You can contribute up to $6,000 per year and the interest you earn is not taxable.

Unlike an RRSP contribution, TFSA contributions are not tax deductible. Withdrawals are not subject to a withholding tax and can be made anytime.

If you don't contribute $6,000 in a year, you can carry it forward to future years.

You can make multiple withdrawals over a year. Any amount you withdraw will be added to your contribution room for the following year. 

Remember the benefits of contributing monthly to a TFSA. You'll earn interest on your interest which can have a dramatic impact on your investment growth.

If you have any questions about TFSAs or would like to invest in one today, we'd love to help:

 

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From the desk of our CEO

Federal Continuance

For information on upcoming changes to DEPOSIT INSURANCE if we become a federal credit union, see our disclosure notice. Creditors who have concerns may contact Innovation Credit Union.

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