Tax-Free Savings Account

How does 100% tax-free sound? If you like that, you'll love the Tax Free Savings Account (TFSA). A TFSA is a registered savings account that allows Canadians over the age of 18 to set money aside tax-free throughout their lifetime. Each calendar year, you can contribute up to the TFSA dollar limit for the year, plus any unused TFSA contribution room from the previous year, and the amount you withdrew the year before. You can withdraw from your TFSA whenever you'd like with a big added bonus: you won't pay a penny in tax on the investment income you earn. 

 

Considered by many to be the single most important personal savings tool since the RRSP, the TFSA allows you to:

  • earn interest tax-free
  • make income-tax free withdrawals whenever you'd like
  • contribute up to the TFSA dollar limit for the year
  • carry your unused contributions forward indefinitely
  • access your account at your convenience
  • hold a variety of investment types in your account

The annual TFSA dollar limit for 2018 is $5,500.

We offer a wide range of TFSA options, including:

  • Easy Start
  • Redeemable
  • Non-Redeemable
  • Index/Equity Linked

Full Details on Cornerstone's Investment Suite

TFSA Loans

If you'd like to take advantage of all the great things a Tax Free Savings Account (TFSA) offers but just don't have the funds in place to get going, consider a TFSA loan from Cornerstone CU.

You can use it to:

  • establish a registered savings plan
  • maximize your annual TFSA contribution
  • get back on track with your TFSA contribution
  • earn more interest, tax-free

Borrowing money to invest in a TFSA could be a wise choice for your savings plan. We offer great rates and same-day approval.

For more information or to book an appointment with one of our Lending specialists, contact us.

Amended TFSA Declaration

Effective January 1, 2013 the TFSA contracts with our credit union now operate under the Cornerstone Credit Union Tax-Free Savings Account trusteed by Concentra Trust. This change does not impact the holdings under the TFSA contracts. Click here to view the amended TFSA Declaration of Trust (01/13).
 

Find Branch/ATM

Enter address, postal code or branch name