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Tax-Free Savings Account (TFSA)

Quick facts

  • Investment type: registered investment where income (interest, dividends and capital gains) and withdrawals are not taxable
  • Maximum annual contribution: $5,000 in 2009; then, indexed to the inflation rate and rounded to the nearest $500 on a yearly basis
10 reasons to choose Desjardins

Who should get this registered savings plan?

Savers age 18 and over who want to build their savings and save on taxes. Because it complements other registered savings plans (RRSP, RESP, etc.), the TFSA is the perfect tool to help you save up for important projects, cover unexpected expenses or get tax-free investment income.

Find out the difference between RRSPs and TSFAs by comparing TFSAs and RRSPs.

Features

Eligible investments
Contribution limit
Includes:
  • Maximum annual contribution ($5,000 in 2009; then, indexed to the inflation rate and rounded to the nearest $500 on a yearly basis).
  • Any unused contribution room carried over from the previous year.
  • Any amounts withdrawn from the TFSA during the previous year, except for qualifying transfers4.
Income taxation
  • Income generated is not taxable (interest, dividends and capital gains).
  • Contributions to the account, capital losses and interest on amounts borrowed to invest in the account are not deductible for tax purposes.
Full or partial withdrawal
Amounts withdrawn are not taxable and will generate new contribution room for the following year.
Other
TFSAs are eligible despoits as defined by the Québec Deposit Insurance Act. In Ontario, Canadian dollar deposits are insured up to $100,000 by the Deposit Insurance Corporation of Ontario. Find out more about deposit insurance (FAQ).

Call your advisor or financial planner5 at your caisse to open a Desjardins TFSA.

Did you know?

For optimal after-tax investment income, focus on TFSA investments that generate more income or that are highly-taxed.

Calculate

Use the Department of Finance Canada calculator to estimate your potential tax savings when you contribute to a TFSA.

For more information
By phone By phone
Montreal area: 514-522-2373
Elsewhere in Canada and the US: 1-800-CAISSES (1-800-224-7737)
At the caisse At the caisse
Make an appointment with a caisse advisor:

1. Desjardins Funds are offered by Desjardins Financial Services Firm Inc., a Desjardins Group company. The Desjardins Funds are not guaranteed, their value fluctuates frequently and their past performance is not indicative of their future returns. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing.

2. The Helios Contract is offered by a financial security advisor from Desjardins Financial Security. Desjardins Financial Security Guaranteed Investment Funds are managed by Desjardins Financial Security Life Assurance Company.

3. Available through Desjardins Securities investment advisors or Disnat Online Brokerage.

4. A direct transfer between TFSAs of the same holder, or the amount that is transferred directly to a spouse or common-law partner or former spouse or common-law partner if the transfer relates to a division of property due to the breakdown of their marriage or common-law partnership.

5. Financial planners act on behalf of Desjardins Financial Services Firm Inc.