Tax-Free Savings Account

Since January 1, 2009, the Government of Canada approved legislation creating Tax-Free Savings Accounts (TFSAs). KCCU offers them as variable (daily interest) and in fixed terms from 1 through 5 years.

The purpose of the TFSA is to provide a savings vehicle for individuals to earn tax-free investment income.

Features of this new registered product:

  1. Available to Canadian residents age 18 and older
  2. Contributions will not be tax deductible
  3. Contributions may only be made by the owner Income earned and capital gains under a TFSA will be tax sheltered
  4. Withdrawal of contributions and/or income will not be subject to tax
  5. Maximum contribution limit for 2013 is $5,500 plus unused room from previous years. Unused contribution room may be carried forward and contributed in a future year
  6. Withdrawals (capital and income) will increase the unused contribution room
  7. Unused contribution room will be reported on the annual CRA Notice of Assessment
  8. Deposits made to TFSAs are fully insured with no limit on maximum amount

Visit our web site link often for up-to-date information. You can also visit your nearest branch or contact us at 613-384-5555.

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