Tax-Free Savings Account
This account is right for you if . . . you are looking to save a little, or a lot! Earn tax-free interest while you set money aside for a wedding, down payment on a house or a rainy day. A Tax-Free Savings Account (TFSA) is a great way to kick start that emergency fund you’ve been neglecting.
To open a TFSA you must be 18 or older with a valid social insurance number (SIN) and are looking to set money aside tax-free throughout your lifetime.
Dollar limits for 2018 stay the same at $5500. If you’d like more information regarding TFSA limits please make an appointment with a Financial Planner today. Contact us today at 1-877-WESTOBA or firstname.lastname@example.org.
- Deposit (variable and fixed plans) or mutual fund plans available
- Eligible contribution room will carry forward
- Deposits can be made through automatic transfer through CU@HOME, in-branch or with TeleService
- There are penalties for contributions over the limit
Figure out your eligible contribution room at www.cra-arc.gc.ca
Looking to start investing with a TFSA? We make it easy, apply online!