TFSAs

Tax-Free Savings Account (TFSA)

The Federal Government has introduced a new registered savings account that allows taxpayers to earn investment income tax-free. TFSA allows taxpayers to set money aside in eligible investment vehicles and watch those savings grow tax-free throughout their lifetime.

How the TFSA Works

  • All Canadian residents 18 years or older that have a Social Insurance Number are eligible
  • $5,000 is the maximum contribution for 2009. After 2009, the $5,000 maximum contribution limit may be increased depending on the rate of inflation. The limit will increase some years but not every year.
  • You can withdraw funds at any time and for any purpose; withdrawals may be restricted by investment terms.
  • Any amount withdrawn will be added back to your contribution limit for the following year.
  • Unused contribution room may be carried forward indefinitely.
  • Money earned or withdrawn is non taxable. This means that all interest, dividends or capital gains earned are tax-free.
  • Contributions are not tax deductible.
  • Funds withdrawn will not affect federal income-tested benefits or credits..
  • TFSA assets can be transferred to a spouse upon death of the Holder.

Tax-Free Savings Account

Tax Free Savings Account Select GIC

  • 5 year term
  • Minimum deposit $1000
  • Interest paid annually
  • Redeemable on each anniversary
  • View current rates

     

Non-Redeemable TFSA

  • 1 to 5 year terms with auto renew at rates in effect at the time of renewal
  • $1,000.00 minimum investment
  • Fixed rate
  • Interest rate determined by market
  • View current rates
 

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