A Tax-Free Savings Account (TFSA) is an investment that allows you to save money without being taxed on the investment income earned. TFSA’s are designed to help you save money for short and long-term goals.
Grow your money – Because your TFSA is tax free, your earnings will be tax sheltered.
Use it for short and long-term goals – You don’t have to repay a TFSA withdrawal.
Carry over withdrawals – Any withdrawal you make adds extra contribution room the following year.
It can hold a number of investments – including term deposits or mutual funds
Contribute for as long as you have contribution room – Unlike the RRSP, the TFSA contribution limit is not tied to your income or age, so you can contribute to your TFSA for as long as you have contribution room. Any individual that is a resident of Canada, 18 years of age or older, and has a valid SIN is eligible to open a TFSA.
Unused contribution room can be carried to future years - Contribution amounts are set annually by the federal government.
Enjoy the advantages of a Radius Credit Union Account.