TFSA iSave

An accessible savings product which allows members to earn interest tax-free.

Cost Savings/Earnings: Expand/Collapse

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

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

"The higher your balance, the higher your rate of return."
- Interest:

  • Tiered interest calculated daily.
  • Paid monthly.

Accessible: Expand/Collapse

"You can withdraw your funds when you need to."
- Withdrawal amounts can be redeposited in following year(s).

Affordable: Expand/Collapse

"You can start with a small amount."
- No minimum required.
- Maximum contribution limit is $6,000 per year.*

Convenience: Expand/Collapse

"You can have a scheduled transfers set up to keep you on track."
- Automatic transfers.

Flexible: Expand/Collapse

"You can use your money for any purpose."
- No restrictions.

"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.

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

Peace of Mind: 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- Over-contribution is subject to a 1% per month penalty until withdrawn.
- 1 free debit transaction per month; additional transactions are $5 each.

- 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 tax-free.

Key Tools and Resources

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