TFSA-Tax Free Savings Account

Your Perfect Savings Partner

Effective immediately members can contirubte to their TFSA account up to the annual contribution limit of $5,500 for 2016 and subsequent years!

This is a government approved program that enables every Canadian who is a minimum of 18 years old  to save taxes on investment income. While the account’s flexibility makes it particularly effective for meeting a variety of savings goals such as home purchase, renovations or travel, the TFSA can also complement the longer term savings goals of your RRSPs.

At the Police Credit Union, you can invest in one- to five-year term deposits or our high-interest savings account. 

BENEFITS AND FEATURES

  • Generally, investments that are RRSP-eligible such as mutual funds*, term deposits, and savings accounts can be held in a TFSA
  • Investment income earned in a TFSA is tax-free, regardless of whether it is interest, dividends or capital gains
  • The current maximum contribution limit is $5,500 and will no longer be indexed to inflation
  • Unused contribution room can be carried forward indefinitely and there is no upper age limit
  • Withdrawals from the plan are tax-free.  Plus, withdrawals from the plan (principal and income) ‘add-back’ an equivalent amount in contribution room the following year
  • TFSAs are a flexible savings tool, with members making ongoing contributions and withdrawals through their plans as desired over the years
  • Upon death, TFSA assets can be transferred to a spouse without impacting the recipient’s contribution room
  • Income generated under a TFSA and amounts withdrawn are not included in determining eligibility for income-tested benefits and credits

 
* 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, cash balances and mutual funds are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that issues deposits in Credit Unions. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. ®Credential is a registered mark owned by Aviso Wealth Inc. and is used under licence.

  

 

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