1 year 0. 0%*
2 year 0. 0%*
3 year 0. 0%*
4 year 0. 0%*
5 year 0. 0%*
TFSAs - An Overview
The TFSA is a Tax-Free Savings Account that was made available in 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is a flexible, general purpose savings vehicle where interest and income earned is protected from taxation, even when withdrawn.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.
The Benefits of TFSAs
Tax-Free Savings Accounts are beneficial to Canadians interested in growing their investments tax-free as well as for retirement income. They are a savings option available to Canadian residents, who are 18 years or older and hold a valid Social Insurance Number (SIN).
The current annual contribution limit is $6,000, tax-free. As of January 1, 2022, the lifetime maximum you can have invested in a TFSA is $81,500. The maximum for 2021 is $75,500 and any unused contribution room can be carried forward to future years.
You can withdraw money from your TFSA without being taxed. The withdrawn amounts can then be re-contributed at any time after the year of withdrawal.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.
TFSA contributions are not income tax deductible.
Talk to a Financial Expert today.
Our financial experts will answer any of your RRSP or investment questions. To speak with a UCU Advisor, call 1-800-461-0777 or submit the following form. Get started today!
*Rates are subject to change, without notice, at the sole discretion of Ukrainian Credit Union. 0.25% bonus on top of 3, 4, 5 year terms.