Tax Free Savings Accounts (TFSAs) were introduced by the Government of Canada in 2009 as an alternative savings product. If you are 18 years of age or older, have a valid Canadian social insurance number and are a resident of Canada you are qualified to contribute to a TFSA.There is an annual limit which is set by the CRA for contributions. Unused TFSA contribution room can be carried forward and accumulates in future years. Withdrawals from a TFSA are tax-free and you can put funds back into your TFSA in future years. Over contributions or re-contributing too soon after withdrawing can trigger over contribution penalties. Open variable rate plans are available – if you have ongoing deposits throughout the year this is perfect for you

•    Available GIC terms from 1 to 5 years
•    $1,000.00 minimum for this investment
•    Interest is compounded annually

TFSA CONTRIBUTIONS FROM 2009 THROUGH TO AND INCLUDING 2020

Contribution for 2015 has been increased to $10,000 (retroactive to   
January 1, 2015). For 2016 the limit has been reduced back to $5,500.00.   

DICO insures all eligible deposits (no maximum limit) held in each registered savings plan or contract at a DICO insured institution. Registered savings plans include registered retirement savings plans (RRSP), registered retirement income funds (RRIF), Tax Free Savings Accounts (TFSA). RCU is a DICO insured institution http://www.dico.com/design/1_1_Eng.html.

For more information visit www.cra-arc.gc.ca/tfsa/