Personal Products & Services > Savings Products > Tax Free Savings Account
Kick start your savings in a tax free account which allows you flexibility to manage your money and lifestyle.
The Tax Free Savings Account (TFSA) allows you to set money aside and watch your savings grow tax-free throughout your lifetime. This savings account is flexible enough to be used to purchase a new car, renovate a house, start a small business or take a family vacation – while also saving for the future.
General TFSA Account Features:
- This registered savings account allows you to earn investment income tax free inside the account. Contributions to the account are not deductible for tax purposes, and withdrawals of contributions and earnings from the account are not taxable
- Contribute up to $5,000/year
- Unused TFSA contribution room can be carried forward to future years
- There are no restrictions on withdrawals from the account for any reason
- Investment earnings are accumulated tax free, contributions are not tax deductible, and withdrawals are not taxable
- Full flexibility to withdraw and re-contribute
- Capital gains and other investment income earned will not be taxed
- You can withdraw funds from the TFSA at any time for any purpose
- Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits
For details about the TFSA visit SASCU TFSA Products & Rates.
To view the Government of Canada info click here.
Still have questions? SASCU's Tax Free Savings Account – Frequently Asked Questions.
Come in to any SASCU branch to talk to a Member Service Representative and find out if a TFSA is right for you, or contact us by phone or email: info@sascu.com. We are here to serve you.
