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. Here are your TFSA dollar limits by year:
Year TFSA dollar limit
2020 $6,000
2019 $6,000
2018 $5,500
2017 $5,500
2016 $5,500
2015 $10,000
2014 $5,500
2013 $5,500
2012 $5,000
2011 $5,000
2010 $5,000
2009 $5,000
  • 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

TFSA withdrawal and contribution update

You can withdraw funds at any time, for any reason, provided they are not locked in a term deposit which hasn’t matured, or held as security for a loan. While a TFSA is flexible, it is different from our regular savings accounts. The most important thing to remember is that when you make withdrawals from your TFSA account the money cannot be recontributed until at least the following year. There is also a contribution limit on your TFSA.

To make a TFSA withdrawal you can transfer funds between your ACU accounts via ACU Anytime mobile app or online banking. You can also make an appointment with an advisor for personalized assistance.

Note: Interac e-Transfers are not available on TFSA’s. Withdrawals and contributions to your tax free savings account must be processed through your ACU chequing or savings account first.

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.