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.
