Tax Free Savings Accounts (TFSA) were introduced by the Canadian Government in 2009.

With a TFSA, a TCU member has the opportunity to save money and earn interest without having to pay taxes on the interest earned.


  • Canadians aged 18 and older are eligible to contribute 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for income tax purposes, but investment income, including capital gains, earned in a TFSA will not be taxed (even when withdrawn).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  • Amounts withdrawn will be added back to your contribution room the following year.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.

Investment Options

At TCU Financial Group a TFSA can include:


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Long Term (Term/RRSP/TFSA/RRIF) Rates
1 Year Cashable 0.30%
1 Year Non-Redeemable 0.55%
2 Year Non-Redeemable 0.85%
3 Year Non-Redeemable 1.15%
4 Year Non-Redeemable 1.35%
5 Year Non-Redeemable 1.45%
Variable Rate (RRSP/TFSA/RRIF) Rates
Variable Rate RRSP/RRIF 0.250%
Variable Rate TFSA 0.100%

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