fedemkcu - Tax-Free Savings

TFSA - Tax-Free Savings Account, what you need to know.

Introduced by the Federal Government available in January 2009.

TFSA allows taxpayers to save money tax-free throughout their lifetime.

Any individual person may have a TFSA if they meet the following requirements:

No maximum age limit restriction.

Individuals can hold more than one TFSA.

In 2009, individuals can contribute $5,000 maximum.

These contributions are not tax-deductible, however income earned on these funds is not taxed.

Any unused contribution room is carried forward to the next tax year. This allows you to maximize your tax-free income in future years.

Withdrawls can be made at any time and are not reported as taxable income.

Please ask your Member Service Officer about this product.
We can answer all of your questions and help you pay less taxes.