The TFSA is a Tax Free Savings Account that was made available as of 2009. UCU offers this product as either a savings account or term deposit.

Key benefits of the Tax-Free Savings Account:

  • A vailable to all Canadian residents only who are 18 years or older
  • The current annual contribution limit is $5,500.00 tax-free
  • As of January 1, 2016 the lifetime maximum you can have invested in a TFSA is $46,500
  • Any unused contribution room can be carried forward to future years
  • Withdraw money without being taxed
  • The withdrawn amounts can be re-contributed at any time after the year of withdrawal
  • Neither income earned in a TFSA nor withdrawals will affect eligibility for federal income-tested benefits and credits
  • Contributions to a spouse's TFSA will be allowed and TFSA assets can be transferred to the spouse upon contributor's death

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