Tax-Free Savings Account (TFSA)
Save for any goal, from a new car to a new home, with the interest you earn completely tax free.
Why invest in a TFSA?
Save tax free
Interest and investment income earned in a TFSA isn’t taxed, accelerating your savings growth.
Withdraw anytime for anything
You can take money out for any goal at any time without penalty, and re-contribute it the following year.
Carry forward unused amounts
You can contribute up to $7,000 to your TFSA annually, with any unused amount rolling over to the next year.
Invest your way
Your TFSA can hold a variety of investments, including mutual funds, term deposits and even savings accounts.
Tax-Free Savings Account (TFSA)
A Tax-Free Savings Account is a versatile and accessible way for Canadians to grow their wealth while enjoying complete tax-free benefits. Contributions are not tax-deductible, but all investment income—whether interest, dividends, or capital gains—accumulates entirely tax-free within the plan. Even better, withdrawals can be made at any time and for any purpose without tax consequences, and the contribution room is restored the following year. With flexible access to funds, the TFSA is an excellent option for both short-term savings goals, such as a vehicle or vacation, and long-term investments like retirement. Offering unmatched tax advantages and financial flexibility, the TFSA is a valuable complement to any savings strategy.
Set up your TFSA your way
Not sure if a TFSA is what you need?
We’ll be happy to help review your goals and see if a TFSA is the right solution to reach them.
Select Image
Take a look at the latest, competitive rates on offer for our investing solutions.
Try our TFSA calculator to see how tax-smart investing can help your savings grow faster.
Disclaimer
Tax-Free Savings Accounts (TFSAs) are subject to annual contribution limits established by the Government of Canada. Clients are solely responsible for tracking their available contribution room and ensuring that deposits do not exceed this limit. Any over-contributions may result in tax penalties and interest charges assessed by the Canada Revenue Agency (CRA).
Level up your financial know-how
Why a TFSA is your secret weapon
There’s lots of ways to save, but a TFSA might just be the secret weapon you’ve been looking for.
TFSA vs RRSP: What’s the difference?
Confused by the difference between TFSAs and RRSPs? We’re here to help break it down for you.
Security Legal Site Map Privacy Ombudservice
Copyright 2025 iNova Credit Union. All rights reserved.
Copyright 2025 iNova Credit Union. All rights reserved.
