Tax-Free Savings Account

A Tax-Free Savings Account (TFSA) is an option when you’re looking to save money for any purpose and earn interest tax-free. You can deposit up to $6,000 a year, earn interest and access your money when you need it. You can even carry forward unused room into later years. It's your money – why not give as little of it as possible to the taxman. There are some rules associated with TFSAs, so it’s best to talk to your Rapport financial advisor.

  • Full range of Investment Options to choose from
  • Flexible contribution options (weekly, bi-weekly, monthly)
  • Contribution Room accumulates each year and if you don’t use your full limit one year it can be used in the future
  • At Rapport Credit Union, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA).

Making Withdrawals

You can withdrawal funds from the TFSA at any time without paying tax and you don’t have to reach a certain age before you withdraw your money. Withdrawals made from your TFSA will be added back to your TFSA contribution room the following year.

Contribution Amounts

Year

Amount

Total

2009

$5,000

$5,000

2010

$5,000

$10,000

2011

$5,000

$15,000

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

If you were 18 or older* in 2009, have been a tax resident of Canada and opened a TFSA in 2022, you could contribute up to $81,500.

 

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