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
  • Unlimited Deposit Insurance on Credit Union Registered Deposits

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

If you were 18 or older* in 2009, have been a tax resident of Canada and opened a TFSA in 2020, you could contribute up to $69,500.

 

Apply Today

Find Branch/ATM

Enter address, postal code or branch name

Newsletter

Sign up to receive our newsletter and stay current.

Expand/Collapse