Tax-Free Savings Account

Need to transfer your TFSA to WPCU?  We will pay your transfer fees up to $150!  Call us at 944-1033 for details.

TFSA Contributions are available online! Make your TFSA contributions from the comfort of your home 24/7!  Online transfers can only go into a Platinum Saving TFSA. If you wish to purchase a different savings product once the transfer is complete, please call or email us and we can process the request for you! You can also schedule regular transfers into your TFSA account online and cancel or change them anytime!

Click here for a helpful calculator that lets you know how much money you will save if you utilize a Tax Free Savings Account.

Please click here for current rates!

Notes on withdrawals and deposits:

Any amounts you withdraw from your Tax-Free Savings Account in a year will be added to your contribution room for the following year (unless those withdrawals were due to an over contribution). You cannot contribute back the amount withdrawn until the next calendar year unless you still have contribution room in the current year. The withdrawals are tax free and you are able to withdraw at any time, depending on what type of investment product you choose. Any interest or gains you realize within the plan are tax free as well!

e.g.. Mary put $5000 in her TFSA in 2009 and then took out $4000 in December 2009. In 2010, Mary can contribute $5000 and recontribute the $4000 she withdrew in 2009 for a total of $9000.00.

e.g.. Jim put $3500 in his TFSA in 2009 and withdrew $2000 in December 2009. In 2010, Jim can contribute $5000 for 2010, plus the $2000 withdrawn in 2009, plus $1500 from the carry forward room from 2009 for a total of $8500.00.

**It is your individual responsibility to ensure that you have not over contributed to a TFSA in any given year, and to advise us as soon as possible if you realize you have. We encourage you to be diligent in keeping track of overall deposits and withdrawals to avoid any penalties. The total available deposits includes any TFSA plan totals you may have open elsewhere. CRA encourages all TFSA Holders to utilize the 'Schedule A-Excess TFSA Amounts' as a monthly tracking tool to monitor your deposits and withdrawals. This document MUST be submitted with your return only in the event of an over contribution.

Your TFSA contribution room information can be found on your latest notice of assessment of notice of reassessment. For more information click here.