TFSAs

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 2017

CONTRIBUTION YEAR CONTRIBUTION AMOUNT 
2009 5,000.00
2010 5,000.00
2011 5,000.00
2012 5,000.00
2013 5,500.00
2014 5,500.00
2015 10,000.00   
2016 5,500.00
2017 5,500.00
2018 5,500.00
TOTAL:
57,500.00 maximum 2009-2018


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/

 

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Variable RRSP, RRIF, TFSA Rates
RRSP 1.50%
RRIF 1.50%
TFSA 1.50%
Fixed RRSP, RRIF, TFSA Rates
1 Year 2.30%
2 Year 2.45%
3 Year 2.65%
4 Year 2.80%
5 Year 3.00%