• Canadians aged 18 and older are eligible to contribute up to $5,500 every year to a TFSA. The yearly contribution amount has varied since the TFSA was introduced in 2009. For information on the total cumulative TFSA contribution limit, please visit the Canada Revenue Agency website.
• Unused contribution room* can be carried forward to future years.
• Contributions to a TFSA will not be deductible for income tax purposes, but investment income, including capital gains, earned in a TFSA will not be taxed (even when withdrawn).
• TFSA holder may withdraw funds at any time; withdrawals may be restricted by investment terms.
• Amounts withdrawn will be added back to your contribution room the following year.
• Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits.
• No set up or annual maintenance fees or withdrawal fees.
• Online viewing capabilities or annual statement available
• Regular deposit plan is available, such as monthly or biweekly
• No maximum age restriction
• Funds held in a TFSA can be used for security on a loan.
• Current investment rates can be found here.

At TCU an TFSA can include:

• Variable Rate Deposit
• Cashable Term Deposit
• Non-redeemable Term Deposit
• Progressive Term Deposit

• *You can find your contribution limit by accessing MyAccount on the CRA website or calling TIPS at 1-800-267-6999
• Transfer out requests are subject to a transaction fee as outlined in the TCU Accounts and Fees Guide unless transferred to TCU Wealth Management
• Your deposits are fully guaranteed by Credit Union Deposit Guarantee Corporation
• Valid Social Insurance Number is required to open a TFSA