Tax Free Savings Accounts (TFSAs)

Carpathia Credit Union’s Tax Free Savings Accounts allow members to earn tax-free income and capital gains.

A TFSA can provide you with a savings vehicle to earn tax-free investment income.

Here are some of the main features of this new, registered product:

  • Available to Canadian residents age 18 and older
  • Contributions are not tax deductible
  • Contributions may only be made by the owner
  • Income earned and capital gains are tax sheltered
  • Withdrawals of contributions and/or income are/is not subject to tax
  • Maximum contribution limit for 2009 was $5,000
  • Maximum contribution limit for 2010 was $5,000.
  • Maximum contribution limit for 2011 is $5,000.
  • Unused contribution room may be carried forward and contributed in a future year
  • Withdrawals (capital and income) will increase the unused contribution room
  • Unused contribution room will be reported on your annual CRA Notice of Assessment

Visit your nearest branch or contact us at 989-7400 for more information.

Click here for TFSA FAQs.

For the latest information from Canada Revenue Agency concerning Tax Free Savings Accounts (TFSA), go to http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/menu-eng.html?=slnk

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