Tax Free Savings Accounts

New Waterford Credit Union members now have a new way to save money with Tax-Free Savings Accounts (TFSA). You can save or invest money without paying tax on the income it earns and you can also withdraw it tax free. Canadians now have flexible account options for a lifetime of savings needs.

The TFSA was introduced by the Government of Canada in Budget 2008 and passed by legislation on June 18, 2008. The TFSA contribution limit has been increased each year since 2008. In 2020 the TFSA contribution limit is $69,500. If you were under the age of 18 in 2008 your TFSA contribution limit may differ.

A TFSA can be set up as a high interest savings account for ease of access, or can be locked in a term deposit for up to 5 years for a higher rate of interest.

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