Tax Free Savings
A great account for tax-free savings. The TFSA provides a Tax-Free Savings Account that allows you to invest without paying tax on interest or investment earnings.
- Our competitive interest rates will earn you tax-free savings through our TFSA GIC account or TFSA savings account.
- Unlimited deposit insurance coverage.
- Statements are issued annually, free of charge.
- Eligibility for this account requires you to be 18 years of age or older, and a Canadian resident.
- Contributions must be made by the owner and are not tax deductible.
- The annual TFSA dollar limit for the 2021 year is $6,000.
- The maximum amount you can contribute to your TFSA is limited by your TFSA contribution room.
- Unused contribution room is carried forward and accumulates in future years.
- Withdrawals (capital and income) are not subject to tax and these amounts will be added back to your contribution room the following tax year.
- This account is identified by the seven digit number ending with either “5”, "34" or “.35”.
This daily interest account pays interest at our premium rate on the last day of every month. Members may make periodic deposits as low as $10, utilizing payroll deduction or direct deposit as a tool to save and build their tax-free savings.