Tax Free Savings Accounts

Tax Free Savings Accounts(TFSAs) much like RRSPs are designed to help augment your retirement savings by tax-sheltering your investment growth. Unlike RRSPs though, TFSAs are a little bit more flexible when it comes to withdrawals - there are no withholding taxes applicable since TFSA contributions do not trigger a tax deduction like RRSPs.

Introduced in 2009, TFSAs now have a limit of $5,500 per individual per calendar year.

You can hold  term deposits, mutual funds*, and other securities in your TFSA (or choose to keep your funds in a cash account), and the best thing about it is any withdrawals from your TFSA do not add to your taxable income. This plays a big part when you're looking to optimize you and your family's tax situation.

Looking to talk to someone about how TFSAs fit into your financial plan? We're here to give you a hand!

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