What is a TFSA?

A Tax-Free Savings Account (TFSA) is a registered savings account that allows Canadian taxpayers 18 years or older to earn investment income tax-free. 

Introduced in 2009, the federal government is using TFSAs to encourage Canadian residents to put money aside in eligible investments that will grow their savings tax-free throughout their lifetime. Plan holders can decide how they want to use their accumulated savings be that for a vacation, a down payment, a wedding, a "rainy day" or whatever. But, there are rules.


What are the benefits of a TFSA?

Tax Free Withdrawals

Money withdrawn from the TFSA is not taxed or added to taxable income. There is no restriction on when you can withdrawal your money, unless it is locked in to a GIC investment (See your investment criteria for details).

Contribution Room Carried Forward

Unused contribution room is carried forward indefinitely. Withdrawals made in a year are added to the contribution room for the following year.   Contribution room for 2009-2012 was $5000, 2013-2014 was $5500, 2015 was $10,000, 2016-2017 was is $5500, 2018 was $5,500 and 2019 is $6,000.


Allows eligible Canadians to accumulate savings tax free. Minimum age restriction is 18 years old but there is no maximum age restriction.


TFSAs are transferable to a spouse/common-law partner upon death or relationship breakdown. It will not impact the contribution room for the spouse/Common law partner.


Contributing to a TFSA

  • Contributions to a TFSA may only be made by the Holder and the amount is not tied to income of the holder.
  • Contributions are not tax deductible.


TFSA Options


Savings Account

A TFSA HISA is similar to a regular savings account, except with a TFSA you will gain interest no matter the amount of funds in the account.

Guaranteed Investment Certificate (GIC's)

If you are interested in investing your TFSA into a term with guaranteed return on your investment over a period of time then a GIC is the product for you.

Mutual Funds*

Contact your Credential Asset Management Inc. Mutual Funds Investment Specialist at Quinte First Credit Union today for more information.


Ready to get started?

To learn more about TFSA's or to discuss your options, meet with one of our
knowledgeable and friendly wealth management professionals.

Call us at 613-966-4111 or visit your local branch 

Request Appointment

*Mutual funds are offered through Credential Asset Management Inc. Unless otherwise stated, mutual fund securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions.