JOIN RATES CALCULATORS CONTACT US ONLINE BANKING BANK BORROW INVEST ADVICE ABOUT US HOME | INVEST | PERSONAL | TFSA Tax Free Savings Accounts Tax Free Savings Accounts (TFSAs) Save your money and the taxes! A Tax Free Savings Account (TFSA) is a registered general-purpose savings product that allows you to earn tax-free interest income in the account to more easily meet your short-term or lifetime savings needs whether it be to purchase a new car, renovate a house, start a small business or take a family vacation. A TFSA can make an excellent complement to an RRSP and may be used to maximize retirement income when RRSP contribution limits have been reached. How does a Tax-Free Savings Account Work? Canadian residents age 18 or older who is an eligible taxpayer and has a SIN number is eligible. Current annual deposit limit $6,000 Investment income earned and withdrawals made from a TFSA account are not subject to tax. Unused TFSA contribution room is carried forward and accumulates in future years. Full amount of withdrawals can be put back into the TFSA in future years. Re-contributing in the same year may result in an over-contribution amount which would be subject to a penalty tax. Choose from a wide range of TFSA investment options such as Mutual Funds*, Guaranteed Investment Certificates (GICs) and Bonds. Contributions are not tax-deductible like an RRSP product. 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. Funds can be given to a spouse or common-law partner for them to invest in their TFSA. TFSA assets can generally be transferred to a spouse or common-law partner upon death. How much can I contribute? Starting in 2009, TFSA contribution room accumulates each year in which you are at least 18 years of age (at any time in the year), have a Canadian social insurance number and are a resident of Canada. Contribution room for each year is as follows: 2009: $5,000 2010: $5,000 2011: $5,000 2012: $5,000 2013: $5,500 2014: $5,500 2015: $10,000 2016: $5,500 2017: $5,500 2018: $5,500 2019: $6,000 2020: $6,000 2021: $6,000 Total: $75,500 * Mutual funds are offered through Credential Asset Management Inc. Financial Services Regulatory Authority of Ontario (FSRAO) FSRAO's role is to protect depositors of Ontario credit unions. All insurable non-registered deposits are covered up to $250,000. Insurable deposits in registered accounts have unlimited deposit coverage. This is free automatic coverage for you our members! LEARN MORE Chat Live Chat: M-F 9am-5pm Chatbot: 24/7 Phone 1-866-380-8008 M-F 9am-5pm and Sat. 9am-1pm Text 1-866-380-8008 Email members@mainstreetcu.ca Book a Meeting In-branch, phone, virtual Reach a Branch Visit or call a branch ATM's Locate a ding-free ATM near you Chat Phone Text Email Book a Meeting Reach a Branch ATM's Experience cooperative banking that is Invested in you. JOIN TODAY Facebook icon Twitter icon Youtube icon Instagram icon LinkedIn icon 2021 Mainstreet Credit Union Careers Privacy Legal Accessibility Help CHAT NOW