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TFSA
Tax Free Savings Account

A Tax-Free Savings Account (TFSA) is a registered account with specific tax advantages

The Features of a TFSA Include:

  • Helps you save – For short or long-term goals 
  • Tax-free – Investment income and capital gains earned in a TFSA are not taxed, even when you withdraw money from the account. This makes investments with higher returns more attractive. 
  • What investments are eligible? – A TFSA can hold a combination of eligible investments, such as mutual funds, stocks, bonds and ETFs *, Guaranteed Investment Certificates (GICs) and cash. 
  • How much can I contribute annually? –  Click here to determine the annual limit of your TFSA contributions. 
  • How much can I contribute from past unused room? – You can carry forward the unused contribution amount to future years. 
  • Does it affect my government benefits? – Income earned and withdrawals made from a TFSA do not affect your eligibility for federal tax credits or income-tested benefits such as the Canada Child Tax Benefit, Old Age Security (OAS) or the Guaranteed Income Supplement (GIS). 
  • Beneficiary considerations – You can set up the account’s assets to transfer directly to your spouse or common-law partner upon your death, as long as he or she is named beneficiary on your TFSA.
  • Information on TFSAs from the CRA website
  • Ask us today about our GIC deposit rates!

*Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Commissions, trailing commissions, management fees, and expenses may all be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual funds, other securities, and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual funds and other securities are not guaranteed, their values change frequently and past performance may not be repeated.

At Kingston Community Credit Union, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Eligible deposits (not in registered accounts) are insured up to $250,000 through FSRA.

Learn more about deposit insurance here
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A third party is an individual or entity, other than the account holder or those authorized to give instructions about the account, who directs what happens with the account. For example, if an account were opened in one individual’s name for deposits that are directed by someone else, the other person or entity would be a third party.

  • A secondary piece of identification from the primary list above
  • Canadian Birth Certificate
  • Credit Card bearing the name and signature of the individual which has issued by a well-known and reputable Canadian financial institution
  • A CNIB (Canadian Institute for the Blind) client card bearing the individual’s photo and signature
  • Provincial Outdoors Card
  • Canadian University or College Student Card with photo (for student identification only)
  • An employee identification card (with photo) issued by an employer that is well known in the community (i.e. KGH, DND, Queens University, Corrections Canada, etc.)
  • Foreign passport
  • Canadian Passport
  • Permanent resident card
  • Citizenship card (issued prior to 2012)
  • Secure Certificate of Indian Status issued by the Government of Canada
  • Driver’s licenses issued by province or territory
  • The DND (Department of National Defense) 404 driver’s license
  • Nexus Card issued by Canada Border Services Agency
  • Provincial Service Cards
  • Provincial or territorial identity cards (i.e. Ontario Photo Identification Card)
  • Foreign Passport (only if it is equivalent to a Canadian issued photo identification document)