Tax Free Savings Account (TFSA)

What is a TFSA?

TFSA stands for Tax Free Savings Account—an account that allows you to save and invest for the future, without being taxed on gains within the account. Use a TFSA to save for a car, vacation or emergency fund!

This account motivates you to save, while also providing you the flexibility to access your funds when you want. 

What are the benefits?

If you’re new to investing, opening a TFSA is a great start.

  • Earn investment gains tax free within the account
  • Withdraw funds tax free
  • Carry forward unused contribution
At SASCU we:

  • offer competitive rates
  • fully insure your deposits
  • and provide outstanding member service
See why a TFSA is right for you. Book an appointment with an advisor today and let the power of compounding work for you.

What else should I know?

Because TFSAs are such a great way to save, there are some limits on how much you can contribute. If you’re unfamiliar with how contribution limits work, ask your advisor for help.

You can hold most Term Deposits within your TFSA, including SASCU's Market Linked Term Deposits.
Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits.

Current Contribution Limit:

2009 to 20122013 & 201420152016 to 201820192020Unused
from 2009
$5,000 $5,500 $10,000 $5,500 $6,000 $6,000 $69,500
Starting in 2009, TFSA contribution room accumulates every year, if at any time in the calendar year you are 18 years of age or older and a resident of Canada.

Get started now

If you are a not an existing SASCU Member or don't have an open TFSA account, apply online now.
Mutual funds and securities related financial planning services are offered through Qtrade Asset Management Inc., Member MFDA.