TFSA: One Year Cashable Term Deposit

A registered investment account where members can deposit money for a determined length of time at a guaranteed rate of return. The investment is flexible and can be redeemed at any time, if needed.

Cost Savings: Expand/Collapse

"You will benefit from earned interest, which won't be taxed."
- Interest earned in a TFSA is not taxable

"At maturity you are not taxed when you withdraw from this account."
- Tax-free withdrawals

Affordable: Expand/Collapse

"You can start with a small amount."
- Minimum amount of $500
- Maximum contribution limit is $6,000 per year*

Flexible: Expand/Collapse

"You have access to your investment at any time."
- Redeemable at any time
- Interest paid at maturity or when redeemed after 30 days

"You can start to contribute to a TFSA at age 18."
- No age maximum
- Minimum age of 18 years old with a valid social insurance number (SIN)

"You can carry over the unused amount to future years."
- Carry-over amounts do not expire and accumulate year to year*

"If you withdraw your investment at maturity you can reinvest that amount in future years."
- Withdrawal amounts can be reinvested in following year(s)

Growth: Expand/Collapse

"Your rate of return is guaranteed."
- Guaranteed rates until maturity

"You know what your growth will be, if your fund is held until it matures."
- Competitive rates

Security: Expand/Collapse

"You can rest assured knowing your money is safe."
- Deposits fully guaranteed by Credit Union Deposit Guarantee Corporation

Additional Information:

*Regarding your maximum deposit limit per year, you may have carry-over room available from previous years. Contact the Canada Revenue Agency (CRA) for more details.

- Contributions are not tax deductible
- Over-contribution is subject to a 1% per month penalty until withdrawn
- View TFSA rates

Who might benefit from this product/service?

Any person 18 years of age or older with a valid SIN who wants to save money tax-free with a guaranteed competitive rate of return.
 

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