Tax Free Savings Account (TFSA)


A Tax Free Savings Account (TFSA) allows individuals to earn tax-free investment income on their savings. It is an ideal account for Canadians looking to save for everything from emergency funds to a down payment on a home.

 More information is also available through Revenue Canada.

TFSA Features

Canadians aged 18 and older can contribute up to $6,000 per year in a TFSA (as of January 1, 2019)

  • Unused TFSA contribution room can be carried forward to future years
  • Contributions are not eligible for deductions for income tax purposes, but earnings on the investment, including capital gains earned in a TFSA, will not be taxed, and can be withdrawn at any time for any purpose
  • Neither income earned within a TFSA nor withdrawals from it affect eligibility for federal income-tested benefits and credits, such as Old Age Security, the Guaranteed Income Supplement, and the Canada Child Tax Benefit
  • The amount withdrawn can be put back in the TFSA at a later date without reducing your contribution room
  • Unused contribution room will be reported on the annual CRA Notice of Assessment

Contribution Limits


Your TFSA contribution room is the maximum amount that you can contribute to your TFSA. This amount has changed over the years. 

Starting in 2009, your TFSA contribution room accumulates every year, if you meet the following conditions:

  • at any time in the calendar year you are 18 years of age or older, and
  • you have a valid Canadian social insurance number and are a resident of Canada.

You will accumulate TFSA contribution room for each year even if you do not file an income tax and benefit return or open a TFSA.

  • The annual TFSA dollar limit for the years 2009, 2010, 2011 and 2012 was $5,000.
  • The annual TFSA dollar limit for the years 2013 and 2014 was $5,500.​
  • The annual TFSA dollar limit for 2015 was $10,000
  • The annual TFSA dollar limit for 2016, 2017 and 2018 is $5,500
  • The annual TFSA dollar limit for 2019 is $6,000
  • As of 2018, the maximum total contribution room will therefore be $57,500
  • As of 2019, the maximum total contribution room will therefore be $63,500​

Getting Started

Sunshine Coast Credit Union has two ways for members to take advantage of the TFSA:

  1. High Interest Savings Account -Set up automated pre-authorized contributions into the account and watch your savings grow quickly - and tax-free!
  2. Term Deposits - If you have $1,000 or more to invest in a TFSA, choose from our competitive line of non-redeemable term deposits, conveniently ranging from 1 to 5 years.

Visit us in-branch today to discuss your options with our knowledgeable staff. In the meantime, visualize your savings! Visit the Government of Canada's website calculator and see just how much you can save with a TFSA.


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