Whether you’re saving for that big ticket item or the proverbial rainy day, a Tax-Free Savings Account may be the answer. A TFSA is a flexible, registered savings account that allows Canadian residents aged 18 or older to contribute to a TFSA and earn tax free investment income. Some attractive features of TFSAs are:
  • Interest earned is tax-free, even when withdrawn
  • No contribution deadlines
  • Amounts withdrawn can be added back in future years
  • TFSA contribution limit is based on eligibility:  for the 2018 tax year, the limit is $5,500.  Previous limits were $5,500/year for 2016 & 2017; $10,000 for 2015; $5,500/year for 2013 & 2014; $5,000/year for 2009-2012.
  • Mountain View Credit Union offers Term Deposit options for TFSAs, or one of our Credential Asset Management Inc. Wealth Consultants are also available to talk about mutual fund* options.
  • Maximum annual contributions are set by the Government of Canada based on a person's eligibilty and can be confirmed by contacting CRA Tax Information Phone Service at 1-800-267-6999. 

Additional information about TFSAs is available at:

TFSA Variable

  • If you are looking for flexibility, the TFSA Variable Savings is for you
  • Ability to contribute any amount, at any time throughout the year, or you can setup monthly payroll deposits as part of your overall savings plan
  • Can lock in funds at a higher rate investment at any time
  • Interest is earned on the daily balance and paid semi-annually.

TFSA Maximizer

  • Available in 3 or 5-year terms
  • Minimum deposit of $1,000
  • Escalating rate of return each year that results in the effective annual yield if funds remain on deposit until maturity
  • Redeemable on the anniversary date with no penalty
  • Interest is paid annually.

TFSA Redeemable

  • Available in a 1 year term
  • Minimum $500 investment
  • Redeption available after 90 days
  • Interest is paid annually at maturity

TFSA Non-Redeemable

  • Locked-in term of 1 to 5 years at a fixed rate
  • Minimum $500 investment
  • Redemption, transfer or renewal available at maturity
  • Interest is paid annually.

*Mutual funds are offered through Credential Asset Management Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, their values change frequently and past performance may not be repeated. ® Credential is a registered mark owned by Aviso Wealth Inc. and is used under licence.