Tax-Free Savings Account (TFSA)


Ever wish you could save money without having to pay taxes on the interest you earn? Well, you can! In January 2009, the Canadian government introduced the Tax-Free Savings Account to encourage Canadians to save over their lifetimes.


HOW CAN YOU BENEFIT?

  • You can earn interest on your TFSA investment without increasing your amount of taxable income.
  • Your withdrawals are not reported as taxable income and so they are not subject to income tax.
  • There are a variety of TFSA terms so you can choose the one that suits you and your needs best.

A TFSA is not 'just a savings account'! We have a variety of investment options.

Learn More about the Kinds of TFSAs

KINDS OF TFSAs


HOW DOES A TFSA WORK?

If you're a Canadian who is 18 years old or over, you can contribute to a TFSA and you will not be taxed on the earnings. There is a set contribution limit for each year.

Learn More about How TFSAs Work

Still have more questions about TFSAs? Take a look at these additional TFSA facts.

Learn More about TFSAs

MORE TFSA FACTS


RESOURCES

For more information, take a look at:

  • Member Retirement Services: Designations on RSPs, RIFs, & TFSAs booklet on our Articles page.
  • Our TFSA Rates
  • Our TFSA Calculator - to help you develop a savings strategy to make use of your unused contribution room.
If you want more information or to start a TFSA, please contact your branch and they will be happy to help!
 

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