financial backup for life

Tax-Free Savings Accounts (TFSAs)

Tax-Free-Savings Accounts are the most misunderstood financial product out there. TFSAs are also an outstanding choice for members with pensions and for anyone who wants a more balanced and tax-efficient way to save for retirement.

2024 TFSA Contribution limit increases to $7,000

  • TFSAs allow you to generate investment growth without triggering taxes. And unlike an RRSP, you can use your accumulated wealth in a TFSA without paying tax on it.
  • TFSAs fit medium to long-term financial strategies and complement pension plans (of all kinds).
  • Unlike RRSPs, there are no limits on how long you shelter the funds – so the TFSA helps you well into your later retirement years.
  • TFSA withdrawals are not included in your income and will not impact OAS payments.

Types of investments

Generally, the types of investments that are permitted in a TFSA are the same as those permitted in a registered retirement savings plan (RRSP).  These would include the following:

  • Cash
  • Mutual Funds*
  • Guaranteed Investment Certificates GIC
TFSA Calculator

Calculate how your savings grow tax-free using this financial tool. Talk to your Advisor about putting the numbers to work.

TFSA RATES

TFSA SAVINGS ACCOUNT
RATES

High Interest Savings

2.25%

TFSA TERM DEPOSITS
RATES

1 Year – As high as

5.00%

2 Year – As high as

4.80%

3 Year – As high as

4.50%

4 Year – As high as

4.50%

5 Year – As high as

4.35%

*Mutual funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments.  Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, and are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.  Their value change frequently and past performance may not be repeated.