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There's more to a credit union than just banking.
Be mindful of the environment and access everything you need electronically.
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Be mindful of the environment and access everything you need electronically.
Be mindful of the environment and access everything you need electronically.
A Tax-Free Savings Account (TFSA) lets you save your after-tax income and pay no further taxes on those funds or the investment returns.
Use the money in your TFSA for any reason you like.
Your TFSA savings grow tax-free and withdrawals are tax-free.
Withdrawals increase your contribution limit the following year.
Withdraw money any time (subject to investment restrictions).
Unused contribution room can be carried forward to use in future years.
Withdrawals don’t affect your eligibility for federal income-tested benefits.
How much can you contribute?
Year(s) | Contribution limit |
---|---|
2009-2012 | $5,000 |
2013-2014 | $5,500 |
2015 | $10,000 |
2016 | $5,500 |
2017 | $5,500 |
2018 | $5,500 |
2019 | $6,000 |
2020 | $6,000 |
Please consult your Notice Of Assessment or call the Canada Revenue Agency (CRA) at 1-800-959-8281 to find out your personal TFSA contribution limit. Unused contributions from previous years can be carried over and past withdrawals can be re-contributed in the following year.
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Let our investment advisors guide you on the right path to your financial success.
Diversify your investments like an expert with a FirstOntario investment advisor.
Visit our help section or you can contact us.
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