The TFSA is a Tax Free Savings Account that was made available as of 2009. The TFSA is a flexible, general purpose savings vehicle where interest and income earned is protected from taxation, even when withdrawn. UCU offers this product as either a savings account or term deposit.
Key benefits of the Tax-Free Savings Account:
Services Charges associated with registered products
Knowing how much you can contribute is an important first step in avoiding a TFSA penalty. For the most up-to-date information on your TFSA contribution room, access the "My Account" feature on the CRA website or by calling the CRA Tax Information Line at 1.800.267.6999.
For better understanding of the implications of TFSA withdrawals, have a look at the two withdrawal scenarios the CRA has provided on the CRA website.