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Tax-Free Savings Account

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Invest with peace of mind

A TFSA, or Tax-Free Savings Account, is a government program that allows you to save money, tax-free. That means any income you earn through your TFSA, including capital gains, won't be taxed. And you won't be taxed with it's withdrawn either.

*Must be 19 years or older, with a valid Social Insurance Number

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Why invest in a TFSA?

Don’t pay tax on the interest made on your investment, even when it’s withdrawn.
Any unused TFSA contribution is always carried forward to the following year.
No contribution deadline means you can contribute anytime throughout the year.
Multiple investment products like term deposits and mutual funds available within a TFSA.

How a TFSA can up your investment game

It really is tax-free

A TFSA is one of the more flexible financial tools available to us. It allows you to earn interest tax-free and can be used for any kind of savings like an emergency fund, a regular savings account or even investments for retirement.

There are many ways to maximize your TFSA’s potential and it all depends on your own financial goals. Don’t worry, we’ve broken it all down for you.

Learn more
It really is tax-free

A TFSA is one of the more flexible financial tools available to us. It allows you to earn interest tax-free and can be used for any kind of savings like an emergency fund, a regular savings account or even investments for retirement.

There are many ways to maximize your TFSA’s potential and it all depends on your own financial goals. Don’t worry, we’ve broken it all down for you.

Learn more

Yearly contribution limit


Every year, the government lets you deposit more money into your TFSA. There is no contribution deadline and if you can’t afford to put money aside one year, your unused contribution room carries over.



Years
TFSA Annual Limit
Cumulative Total
2009-2012
$5,000
$20,000
2013
$5,500
$25,500
2014
$5,500
$31,000
2015
$10,000
$41,000
2016
$5,500
$46,500
2017
$5,500
$52,000
2018
$5,500
$57,500
2019
$6,000
$63,500
2020
$6,000
$69,500
2021
$6,000
$75,500
2022
$6,000
$81,500
2023
$6,500
$88,000
What type of product are you interested in?

The Low-fee, More-for-me Mutual Funds®

What is it?

  • Our family of funds with lower fees, designed to be simple, affordable and conservatively managed

Why could it be right for you?

  • You're looking for medium to long-term growth
  • You want simplified options
  • You're looking for low fees
  • You want to know your portfolio is being professionally managed to keep your investment goals on track

Additional Mutual Funds

What is it?

  • A selection of professionally managed, diversified funds

Why could it be right for you?

  • You want to know your portfolio is being professionally managed to keep your investment goals on track

Segregated Funds

What is it?

  • Investment funds that guarantee all or a portion of your principal at death, regardless of market value; a good option for estate planning

Why could it be right for you?

  • You want to grow your investments
  • You want to maximize the value of your estate for your beneficiaries

Safe Bet, No Sweat™
Market-Linked Term Deposits

What is it?

  • Offers 1,3, or 5 year terms
  • Minimum $500 investment
  • Initial investment is guaranteed

Why could it be right for you?

  • You want to keep your initial investment
  • You want to gain low-risk exposure to the global or Canadian financial stock markets

Non-redeemable
Term Deposits

What is it?

  • Offers short and long-term options, from 30 days to 5 years
  • Minimum $1,000 investment
  • Redeemable at maturity

Why could it be right for you?

  • You want to choose exact term length
  • You want income from the interest on your investments

1-Year Redeemable
Term Deposits

What is it?

  • Offers flexibility for one year
  • Minimum $1,000 investment
  • Redeemable any time (with full accrued interest after 30 days)

Why could it be right for you?

  • You want access to your savings
  • You want to start savings but aren't sure which investment is best for you

Better-than-cash®
Term Deposits

What is it?

  • Offers flexibility for one year
  • Minimum $500 investment
  • Redeemable any time (with full accrued interest after 6 months)

Why could it be right for you?

  • You want access to your savings, but you still want a competitive rate
  • You want to start savings but aren't sure which investment to choose

Rising Rate
Term Deposits

What is it?

  • Offers a rate that escalates each year
  • Available for 3 or 7 years
  • Minimum $1,000 investment
  • Redeemable on each term anniversary without penalty

Why could it be right for you?

  • You're saving for the long term
  • You want the flexibility of redeeming your money annually
  • You're rewarded with long-term savings with higher interest rates every year

The great debate: TFSA vs. RRSP


What are your investing needs?
TFSA
RRSP
Do contributions reduce your taxable income?
No
Yes
Are these funds subject to income tax when withdrawn?
No
Yes
Is interest earned on these investments tax sheltered?
Yes
Yes
Can these funds be withdrawn anytime, for any reason, without being taxed?
Yes
No

Try out our TFSA vs. RRSP calculator

Both products are government incentives. Both have benefits and both have drawbacks. At the end of the day, it all depends on you, your circumstances and your goals. If you want to explore your options, check out our TFSA vs. RRSP calculator.

Try out our TFSA vs. RRSP calculator

Both products are government incentives. Both have benefits and both have drawbacks. At the end of the day, it all depends on you, your circumstances and your goals. If you want to explore your options, check out our TFSA vs. RRSP calculator.
Try our calculator
Try our calculator

Make your investments do more:

MONEY HELP
RRSP vs TFSA. Which is better for you?
What's really better for our savings goals, an RRSP or a TFSA? With tax season on the horizon, we break down what to choose, and when.
Read article
MONEY HELP
Why it’s important to invest with a goal
If you’re not investing with a purpose, you’re on a road without a clear destination. Read up and learn about the benefits of goals based investing.
Read article
GROW YOUR MONEY
5 quick tips to
make the most of a TFSA
Find out why TFSAs are useful for almost any financial plan plus 5 important tips you need to know to make the most out of a TFSA.
Read article
Let's find the right investment, together.
Our Investment Team can help you figure out the best financial plan for your goals.
Call us at 1.888.517.7000 Mon-Fri, 8am-8pm; Sat, 8am-5pm.

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Coast Capital Savings Federal Credit Union is a member of the Canada Deposit Insurance Corporation (CDIC). More CDIC information


Coast Capital Savings Federal Credit Union provides advice and service related to deposit, loan and mortgage products. Coast Capital Wealth Management Ltd. provides investment and financial planning services. Coast Capital Financial Management Ltd. provides advice and service related to segregated funds, annuities and life insurance products. Worldsource Financial Management Inc. provides advice and service relating to mutual funds. Mutual fund values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses may all be related with mutual fund investments. Important information about mutual funds is contained in the relevant fund facts and simplified prospectus. Please read the fund facts carefully before investing. Only deposits payable in Canada are eligible to be insured under the Canada Deposit Insurance Corporation Act.

The Low-fee, More-for-me Mutual Funds® are managed by SEI Investments Canada Company. Worldsource Financial Management provides mutual funds and services. Mutual fund values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses all may be related with mutual fund investments. Please read the Fund Facts carefully before investing.

* Government of Canada. Indexation adjustment for personal income tax and benefit amounts. https://www.canada.ca/en/revenue-agency/services/tax/individuals/frequently-asked-questions-individuals/adjustment-personal-income-tax-benefit-amounts.html