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    ​​Tax-Free Savings Account (TFSA)

    Earn 2.75%*

    On 120-day TFSA deposits

    A simple investment option designed to help you save money.

    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.

    Features
    Is a TFSA for me?
    Contribution limits
    Rates
    Calculator

    Features of a TFSA

    Enjoy freedom

    Use the money in your TFSA for any reason you like.

    Tax-free

    Your TFSA savings grow tax-free and withdrawals are tax-free.

    Withdrawals carry over

    Withdrawals increase your contribution limit the following year.

    Access your money any time

    Withdraw money any time (subject to investment restrictions).

    Contribute to your future

    Unused contribution room can be carried forward to use in future years.

    Worry-free withdrawals

    Withdrawals don’t affect your eligibility for federal income-tested benefits.

    You should think of a TFSA if...

    • You’ve maxed out your RRSP
    • You need a down payment for a home or vehicle (a TFSA withdrawal doesn’t have to be repaid)
    • You want a vacation
    • You just want to put some money on the side
    • You need access to your savings before retirement
    • ​You’re retired and you need a tax-free place to save
    • You’re a low-income senior
      • Since tax-free TFSA withdrawals won’t be added to your income, they won’t trigger any reductions in Old Age Security benefits or the Guaranteed Income Supplement.
    • You’re married or have a common-law partner
      • TFSA holders can name their spouse as a beneficiary and roll the proceeds over to them upon their death and spouses can contribute to their partner’s TFSA.  This means couples can shelter up to $11,000 worth of new investments every year from tax.
    • You want to receive dividends from foreign investments, as there is no foreign content limit on a TFSA

    TFSA Contribution Limit

    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.

    TFSA Rates

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    TFSA Calculator

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    * Terms and conditions

    1. The FirstOntario TFSA Offer ("the Offer") of 2.75% on a 120 day TFSA non-redeemable term deposit is available to Members who invest new money in the term deposit until April 6, 2020
    2. The Member must meet the requirements for holding a TFSA, as set out by the Government of Canada – must be a Canadian resident and 18 years of age or older.
    3. The offer is available in branch only, to new and existing Members.  Any individual who is not currently a Member of FirstOntario Credit Union must become a Member in order to qualify for the offer
    4. The investment must be new to FirstOntario with the funds having come from an external source over the past 30 days.  Transfer of a TFSA from another financial institution is eligible.  A Member can top-up an existing FirstOntario TFSA to be eligible for the offer.
    5. The 2.75% interest rate is an annual rate.  Interest will be calculated daily and paid at the end of the 120 days into the Member's TFSA Investment Savings account. 
    6. If funds are being transferred from another financial institution.  The T2033 transfer form must be signed by April 6, 2020.
    7. It is the Member's responsibility to verify that they have adequate contribution room in their TFSA prior to making an investment.  Contribution room is the maximum amount that can contributed to a TFSA at any given point in time and is comprised of unused contribution amounts and withdrawals from previous years.  Anyone who exceeds their contribution limit is subject to a tax penalty from the Canada Revenue Agency (CRA).  Members can obtain their contribution room from CRA.
    8. FirstOntario Credit Union reserves the right at its sole discretion to, without advance notice, terminate or suspend the Offer, in whole or in part, or modify it in any way.
    9. FirstOntario reserves the right, at its sole discretion, to suspend, disqualify, limit or revoke this Offer to any Account holder it finds or believes to be manipulating or otherwise abusing the process, fairness or integrity of this offer.

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