TFSAs

This investment is for you if:

  • You want to grow your savings.
  • You want to save for a vacation or large project.
  • You want to reduce the amount of taxable interest income.

Investment Features

  • Since 2009, Canadians aged 18 and older have been able to invest the annual contribution limit and shelter the investment income from taxes.
  • Contributions to a TFSA are not deductible for income tax purposes.
  • Unused TFSA contribution room can be carried forward to future years.
  • You can withdraw funds from the TFSA at any time for any purpose.
  • The amount withdrawn can be invested back in the TFSA in the following year or at a later date without reducing your contribution room.
  • Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits.
  • Upon death, the TFSA can be transferred to a spouse’s TFSA if designated as the Successor Holder.
  • Over-contributions above the annual contribution limit are subject to tax of 1% per month.  In addition, any income attributable to a deliberate over-contribution will be taxed at 100%.

The Annual TFSA Contribution Limits are as follows:

2009 – 2012        $5,000
2013 – 2014        $5,500   
2015                    $10,000
2016                    $5,500
2017                    $5,500

Total Lifetime Contribution To Date:   $52,000

Additional Information

  • Investment income earned in a TFSA will not be taxed allowing you to enjoy every dollar earned!
  • TFSA provides maximum flexibility in savings management.  No penalties or tax consequences makes this savings vehicle suitable for many purposes.
  • The contribution carry forward feature provides a no worry benefit about losing contribution room if you are unable to contribute in a certain calendar year.

What You Need

Opening an account with us is simple. You will need to bring 2 pieces of valid, non-expired government issued identification.

Accepted primary forms of ID include Drivers’ License, Canadian Passport, Ontario Photo Card and a Birth Certificate.

Accepted secondary forms of ID include non-expired Credit Cards, Status Card, Fire Arms License and a Permanent Resident Card.

Canada Revenue Agency will register a TFSA when the surname, SIN and birthdate match the CRA records.  If one of these items does not match the CRA records, the TFSA cannot be registered.
*You are required to provide your Social Insurance Number to open a TFSA.

Ready to invest? Contact a Financial Advisor today!

Online

image of computer

In Person

image of universal person symbol

By Phone

image of phone
This account is covered by the Deposit Insurance Corporation of Ontario.
 
TFSA Rates (Rates effective 2017-07-14)
Daily Savings TFSA 1.00%
1 Year 0.90%
2 Year 1.10%
3 Year 1.20%
4 Year 1.30%
5 Year 1.60%