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A Tax-Free Savings Account (TFSA) is a government program that allows tax-free savings to those 18 or over with a valid social insurance number. You won’t get taxed on the interest made on your investment, even when it’s withdrawn. Contributions aren’t tax-deductible for income tax purposes.
Unused TFSA contribution room can be carried forward to future years. For 2018, the maximum amount you can contribute is $5,500*. Any contributions beyond your contribution room can be subject to tax.
Your TFSA account can hold any type of investment product like the ones listed below. And since how you invest is just as important as how much you invest, our skilled planning team is here to help understand your individual needs and goals so you have the right portfolio mix.
Coast Capital Savings Credit Union provides service and advice related to deposit, loan and mortgage products. Coast Capital Financial Management Ltd. provides service and advice related to life insurance, segregated funds and annuities. Worldsource Financial Management Inc. provides service and advice related to mutual funds. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the Fund Facts before investing. Mutual funds are not guaranteed and are not covered by the Canada Deposit Insurance Corporation (CDIC) or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Fund values change frequently and past performance may not be repeated.
The Low-fee, More-for-me Mutual Funds® are managed by SEI Investments Canada Company. Worldsource Financial Management provides mutual funds and services. Mutual fund values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses all may be related with mutual fund investments. Please read the Fund Facts carefully before investing.
* Government of Canada. Indexation adjustment for personal income tax and benefit amounts. https://www.canada.ca/en/revenue-agency/services/tax/individuals/frequently-asked-questions-individuals/adjustment-personal-income-tax-benefit-amounts.html
For information on changes to deposit insurance and the transition period if we become a federal credit union, see the notice pursuant to the Disclosure on Continuance Regulations (Federal Credit Unions).