Find out more about TFSAs

The Tax-Free Savings Account (TFSA) is a registered savings plan that allows you to build capital to put towards special projects throughout your life.

If you are over 18 years of age, the TFSA offers you the chance to save up to $5,000 per year, tax-free!

Basic notions

The TFSA is a registered savings plan that allows you to:

save for important projects
cover unexpected expenses (rainy day fund)
shelter your savings from taxes
get tax-free investment income
make tax-free withdrawals
make non-deductible contributions
access your funds for any reason with no fees¹

Contribution rules

To open a TFSA, you must meet the following conditions:
- have a social insurance number
- be 18 years of age or over
- be a resident of Canada
Maximum annual contribution of $5,000 since 2009 (plus indexation if applicable)
Annual contribution limits are cumulative, along with withdrawals made from your TFSA over previous years. For more information on contribution limits, visit TFSA Tax-Free Saving Account.

Find out more

You can find out more about your TFSA contribution rights at the Canada Revenue Agency site.

Excess contributions are subject to a tax of 1% per month. To find out more, see TFSA: Beware of overcontributions! (PDF, 216 KB).




	Online	Fill out the form

	By phone	Montreal area: 514-CAISSES (514-224-7737) Elsewhere in Canada and the U.S.: 1-800-CAISSES (1-800-224-7737)


	At the branch	Make an appointment with an advisor at a branch.

1. Income generated by a TFSA does not affect eligibility for federal benefits or credits based on income.

Tools

Contact Desjardins Credit Union