Tax-Free Savings Account (TFSA)

A New Approach To Saving
Save faster for your retirement, your children's education, a new car or a family vacation without paying tax on your investment income. A Tax-Free Savings Account (TFSA) is another way to accomplish your financial goals.

TFSA Contributions

  • As of January 1, 2009, all Canadian residents age 18 and over are eligible to contribute to a TFSA
  • Your contribution limits are not determined by income.  Unused contribution room can be carried forward from year to year
  • Amounts withdrawn can be re-contributed starting the next year
  • Your contribution does not impact your annual RRSP contribution limit
  • Contributions are not tax-deductible
  • All income earned in your TFSA, whether interest or other investment income or gains, is tax-free
  • The TFSA pages on the CRA website have been enhanced with respect to the online service option, My Account, where you can obtain the most up-to-date information about your TFSA transactions and available contribution room

TFSA Limits up to 2019:

Years TFSA Annual Limit Cumulative Total
2009 to 2012 $5,000 $20,000
2013 $5,500 $25,500
2014 $5,500 $31,000
2015 $10,000 $41,000
2016 $5,500
2017 $5,500
2018 $5,500
2019 $6,000 $63,500

Qualified Investments will include:

  • Term deposits/GICs
  • Savings Accounts
  • Mutual Funds*
  • Stocks*
  • Bonds*

TFSA Withdrawals

You can withdraw funds at any time and for any purpose without incurring tax (some restrictions may apply).  Funds withdrawn will not affect your eligibility for federal income tested benefits such as Old Age Supplement, Canada Child Tax Benefit or Guaranteed Income Supplement.

Notice to Current TFSA Holders

Effective January 1, 2013, the TFSA contracts with our credit union now operate under the Education Credit Union Tax-Free Savings Account trusteed by Concentra Trust. This change does not impact the holdings under the TFSA contracts. A copy of the amended TFSA Declaration of Trust (01/13) is available here.


* Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc. Please read the prospectus before investing. Unless otherwise stated, mutual funds, other securities and cash balances, are not covered by the Canada Deposit Insurance Corporation or by any other insurer that insures deposits in credit unions. Mutual funds, other securities and cash balances are not guaranteed, their values change frequently, and pass performance may not be repeated.

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