Tax-Free Savings Account

The Tax-Free Savings Account (TFSA) enables eligible Canadian residents to earn tax-free investment income. The TFSA is useful for both long-term and short-term saving goals. This account can be used to build an emergency fund, save for a car, renovations, vacations, or even to start a small business.

Quick Facts

  • Canadian residents, 18 years and older, are allocated $6,000 of new TFSA contribution room (effective 2020) each year.
  • Unused contribution room is carried forward indefinitely.
  • Contributions into a TFSA are not tax deductible; however, all investment income earned in the account is tax-free.
  • Depending on the investment, withdrawals can be made at any time and for any purpose, tax-free. Amounts withdrawn from a TFSA will not reduce your contribution room and can be added back in the following year.
  • Your TFSA may be used to purchase the same type of investments that are included in all arm’s-length RRSP investments, such as mutual funds*, bonds, term deposits, demand accounts, etc.
  • Funds within the TFSA can be used as loan collateral.
  • Your eligibility for federal income-tested benefits or credits will not be affected by investment income earned or withdrawn from your Tax-Free Savings Account.

High-Interest Savings Account

Our Tax-Free Savings Account is a no monthly fee savings account that delivers a high-interest rate with access to your funds. This is a great account for short-term saving goals.

Grow Your Savings With Future Plan

The Future Plan is a monthly deposit savings plan that earns a floating one-year term deposit rate. All you need is an initial deposit of $50 and then decide how much you want to contribute on a monthly basis (minimum $50 per month). Future Plan deposits are automatically withdrawn from your account. After one year you can transfer your Future Plan contributions to your TFSA demand account or any TFSA term deposits.

Term Deposits

If you are looking for a secure investment that offers a fixed rate of return, term deposits are the ideal solution to grow your tax free savings.

  • Flexible 1 to 5-year terms
  • Redeemable or Non-redeemable
  • Find out more

Mutual Funds*

Community Savings provides access to a large selection of mutual funds offered through Credential Asset Management Inc. Speak to our Wealth Management Professional about maximizing your tax free savings.
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Contributing to your Tax Free Savings Account

You can contribute to a TFSA at your nearest branch, over the phone at 604-654-2000, or in Online Banking. Once your TFSA is set up, you can transfer money to your TFSA whenever you need.

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TRANSFER TIP: As a TFSA holder, if you withdraw funds and deposit them to a new contract at another institution in the same calendar year, you could potentially create an over-contribution. If this is the case, you will incur a penalty from the Canada Revenue Agency (CRA). To avoid this penalty, it is important that you do a direct transfer between your Financial Institutions – similar to an RRSP transfer. If you need to do a direct TFSA transfer, drop by your branch or give us a call and we will be happy to help you with the proper transfer documentation.



* 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 covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual fund values change frequently and past performance may not be repeated.

®Credential is a registered mark owned by Aviso Wealth Inc.