A registered Tax-Free Savings Account allows Canadians 18 years and older to save up to $5500 a year. This amount can be invested into term deposits, guaranteed investment certificates(GIC), Mutual funds* or into a UBCU TFSA. However unlike an RRSP, contributions made to a TFSA are not tax deductible. Interest and investment income earned in a TFSA, including capital gains, are not taxed upon withdrawal. 

There are no restrictions as to how the money is spent. Funds can be withdrawn at any time without tax penalty and any amount you withdraw can be put back into the tax free account the following year without reducing your contribution limit. With your UBCU TFSA you are able to make 2 free withdrawals per year, then $5 per withdrawal after that.

Make the right choice today and get started on your savings with a Tax-Free Savings Account. To learn more please ask one of our employees for your investment options.