The 2008 Federal budget introduced a new form of savings account - the Tax-Free Savings Account (TFSA). This product is NOW AVAILABLE through Community Credit Union!
Some features and benefits of the Tax-Free Savings Account include:
- Contributions to a TFSA will not be deductible for income tax purposes; however investment income earned will not be taxed, even when withdrawn.
- You can withdraw funds from a TFSA at any time, for any purpose.
- Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits (i.e. OAS, child tax benefit, etc.).
- Unused TFSA contribution room can be carried forward to future years.
- At Community Credit Union, you have the option of saving in a High Interest Savings Account or one or our Term Deposit products. To help you better understand the TFSA, we have put together some Frequently Asked Questions based on the Government's information:
Frequently Asked TFSA Questions
Also provided below is a link to the Government of Canada issued pamphlet on TFSAs:
TFSA Pamphlet
Once you have had a chance to review the information above, feel free to contact us with questions, or call to make an appointment to speak with oen of our knowedgeable staff.
The content herein is not intended to provide specific tax advice and should not be relied upon in this regard. Please consult your tax advisor to find out which strategies suit your tax situation. Community Credit Union makes no guarantee, representation, or warranty and accepts no responsibility or liability as to the tax treatment of these services.
