Tax-Free Savings Account

Put your money to work and earn tax free investment income with a Tax Free Savings Account (TFSA).

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Why Invest in a TFSA

 

TFSAs offer you the flexibility and control to save for short and long-term goals, such as a car, going vacation, wedding, or buying a home.

  • Your investment grows TAX FREE!
  • Your contribution room carries forward year over year.
  • You get one free withdrawal per month. The amount of the withdrawal can be contributed back the next year.
  • You can contribute to a spouse’s TFSA without impacting your own contribution room.
  • Your investment income can include savings options, interest, dividends and capital gains.
    Contribution limits are indexed to inflation (at $500 thresholds).

Deposits can be made through automatic transfer through online banking, in-branch or with 1-877-WESTOBA.

Mutual funds and related financial planning services are offered through Credential Asset Management Inc.

Who is it for?

To contribute to a TFSA, you must be a Canadian resident who is at least 18 years old and has a Social Insurance Number (SIN). Even foreign citizens who are resident in Canada qualify, though their home country rules may subject a TFSA to tax.

Unlike RRSPs which prohibit contributions after age 71, there is no upper age limit for TFSAs.

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What type of investor are you?

Whether you’re a new or seasoned investor, determining your investment style and how it aligns with your financial plan is a crucial first step.

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