Tax Free Savings Account (TFSA)
Kick start your savings in a Tax Free Savings Account (TFSA). 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.
- Earn investment income tax free inside the account.
- Contributions are not tax deductible; withdrawals are not taxable.
- Contribute up to $5,500 in 2016.
- Carry forward unused contribution room.
- Flexibility in how much and when you want to withdraw and re-contribute.
- Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits.
You can hold most Term Deposits within your TFSA, including SASCU's Market Linked Term Deposits! Or go with a more accessable Investor Savings Plan.
Unused contribution room from 2009 carried forward. Ask your SASCU Service Representative for more information.
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