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TFSA Savings

Tax-Free Savings Account (TSFA)

Keep more of what you earn.

  • Save more and pay less tax
  • Earn more with a competitive rate; no minimum balance required
  • Flexibility to withdraw funds at any time
  • Deposits are 100% guaranteed*
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Benefits

Intended to help Canadians save more, the Tax-Free Savings Account (TFSA) allows your investments to grow tax-free. The TFSA contribution limit for 2020 is $6,000. You can hold a wide range of investment options within your TFSA, including a TFSA High Interest Savings account, term deposits, mutual funds, stocks or bonds.

The TFSA High Interest Savings Account includes the following:

  • Competitive rate; no minimum balance required
  • Transfer funds between accounts via online banking
  • Make unlimited deposits, when and how you choose
  • Free monthly statement
  • Deposits are 100% guaranteed*
  • Must be Canadian citizen and 18 or over

With traditional non-registered investments, the taxes you pay on your investment income chip away at your earnings. Sheltering some of these investments in a TFSA will eliminate the tax you would otherwise pay. And for interest-bearing investments like savings accounts and term deposits, which are subject to a higher tax rates, using a TFSA can be particularly beneficial. Learn more about the TFSA and visit our frequently asked questions.

Interest

Interest calculated on daily closing balance, paid monthly

BalanceRate

No minimum balance required to earn interest

0.10%

To explore how the TFSA fits into your personal financial plan, talk to one of our knowledgeable and experienced financial advisors. If you don't have a financial plan, they can start you on your way with a lifespring® financial assessment.

* Deposits are 100% guaranteed. Protection provided by the Credit Union Deposit Insurance Corporation of British Columbia.

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. Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.

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