Tax Free Savings (TFSA)

The Tax Free Savings Account (TFSA) offers Canadians one of the most significant and positive changes to the ways in which they can save money, since the RRSP. But unlike an RRSP, contributions to a TFSA are made with after-tax dollars and any interest earned is non-taxable. Since it's also more flexible than an RRSP, a TFSA can help you achieve both short and long-term goals, from finally taking that dream vacation to supplementing your retirement savings. 


  • keep more of your own money; income earned in your TFSA isn't taxed and withdrawals of contributions and earnings from the plan aren't taxable
  • withdraw funds at any time and for any reason, but keep in mind that transfers or withdrawals might be restricted based on the investment terms you've selected
  • contribute easily to your TFSA online and withdraw money from your TFSA as well; visit Transfers Between Your Accounts to learn how
  • a choice of investment vehicles that include savings accounts, guaranteed investment certificates and mutual funds*
  • contribution allocations are set for each year; you have up to $5,000 for each year between 2009 and 2012, $5,500 for 2013 through 2014, $10,000 for 2015 and $5,500 for 2016 through 2017
  • freedom to invest when you can, don't when you can't, and carry forward any unused contribution allocation indefinitely
  • any withdrawals from your TFSA are added to the following year's contribution room, letting you 'replace' whatever you take out
  • income or withdrawals from your TFSA won't affect your eligibility for federal income-tested benefits and credits, such as the Guaranteed Income Supplement and the Canada Child Tax Benefit
  • make contributions to your spouse's TFSA; also, TFSA assets can be transferred to a spouse upon death
Here's a great article to help you decide whether a TFSA or RRSP is right for you!

Call for an appointment with an ACU financial account manager or a Credential Asset Management Inc. or Credential Securities advisor at ACU. Choosing a TFSA for a portion of your non-registered investments will reward you with more money saved every year, and in time, a larger portfolio regardless of the mix of investments you hold and the kinds of investment income you receive.

*Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.


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Designation of Beneficiary

Be sure you have decided on and spelled out who should receive your remaining registered savings in the event of your death. And be aware that if you marry or divorce, your Designation of Beneficiary will not be revoked or changed automatically. You must complete a new Designation of Beneficiary form. Don't delay, speak to your account manager soon.