Any Canadian, 18 years or older can contribute to a TFSA.
Interest earned in a TFSA is NOT reported on your T5- Statement of Investment Income.
Contributions are NOT tax deductible.
Contributions can only be in the name of one owner.
Withdrawals of contributions and/or interest income are not taxable.
Withdrawals of contributions and/or interest income will increase the unused contribution room in the following calendar year. Re-contribution in the same year may result in an over-contribution amount, which is subject to a penalty tax.
Unused contribution room can be carried forward. If you don't contribute the maximum amount in a given year, you can carry forward your unused contribution room indefinitely.
Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA)
Whether you're saving for retirement, a new car or a dream vacation, our experienced team will tailor their advice to help you maximize your savings to get there.
Our TFSA Calculator will help you figure out how much you could save for your life goals when you invest in a Tax-Free Savings Account.
Get connected with L.I.U.N.A. Local 183
Calculators Branch/ATM Locator