tax free savings accounts (TFSA)

TFSA’s are the latest investment opportunity offered through the Federal Government of Canada. TFSA’s allow you to save tax free, but with the freedom to withdraw your funds at any time, for whatever reason, without penalty. Momentum credit union is pleased to offer TFSA's with two separate investment options.

• Daily TFSA Savings Account
• TFSA GIC

Features of a TFSA

• Contributions with after-tax dollars
• Contributions not tax deductible
• Earnings tax sheltered
• Withdrawal of contribution/income not taxable
• Withdrawal of contribution/income increases contribution room for future years.

Contribution Limits

• 2009 – $5000.00
• 2010 – Indexed*
• 2011 – Indexed*

*Indexed to inflation to the nearest $500.00. Your Notice of Assessment will include TFSA contribution room for the current year.

Eligible Contributors

• Must be a resident of Canada
• Must be 18 years of age or older
• Must have a valid SIN number (cannot start with "9")

For more information on TFSA accounts, please contact your branch