Tax Free Savings Account (TFSA)

A Tax Free Savings Account (TFSA) is a registered savings account that helps you grow your money quickly because you don’t pay taxes on the interest or investment income you earn.

​The contribution room for 2021 is $6,000.

Benefits of a TFSA

  • ​A TFSA is tax-free, so your earnings are tax sheltered.

  • Unlike a Registered Retirement Savings Plan (RRSP), you don’t have to close your TFSA at a set age.

  • Use it for short and long-term savings goals - you don’t have to repay a TFSA withdrawal.

  • You can re-contribute the amount you’ve withdrawn next year or later.

  • Unused contribution room can be carried to future years.

  • Funds in a TFSA can be invested in term deposits, mutual funds and stocks.

How do I qualify?

To open a TFSA, you must live in Canada, be 18 years or older and have a valid Social Insurance Number (SIN). Contribution room accumulates beginning in the year in which you turn 18.

How much will I save?

Our TFSA Calculator will help you figure out how much you could save when you invest in a Tax Free Savings Account.

Retirement Savings

Dreaming of retirement? Start saving today!

Registered Retirement Savings Plan (RRSP)

Contributions to your RRSP can increase your tax deduction and provide you with continuous tax free earnings on your savings.

Registered Retirement Income Fund (RRIF)

RRIF payments will supplement your income during retirement.

Education Savings with an RESP

Save for your children's education through this government approved plan. 

This program allows eligible RESP beneficiaries to receive grant monies based on their annual contribution paid into the plan. The government will contribute 20% annually for the first $2,000 deposited into an RESP for children to the end of the year the child turns 17.

With the Canada Education Savings Grant, the Governement can add as much as $7,200 to your plan.
Visit the Government of Canada to learn more.

RESPs are tax-free, so your earnings are tax sheltered.

Ready to discuss your future?

Contact our Deposit Services Department today!

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