Tax Free Savings Account
If you’re a resident of Canada who has a valid Canadian Social Insurance number and over the age of 18, TFSAs are an excellent way to grow your savings tax-free. While the money you put into a TFSA is not tax-deductible like an RRSP, when you take it out, it is tax free.
TFSAs were introduced in 2009 with new contribution room created each year based on an amount set by the Federal government. Funds withdrawn from the TFSA in one year creates new room in the following year. To determine your TFSA contribution room, please visit Canada Revenue Agency “My Account” at www.cra.gc.ca
We have two great account options you can select to maximize the value of your TFSA:
- Interest is calculated on the daily closing balance and compounded annually.
- Your money can be transferred to other credit union investment instruments at any time.
- Regular contributions can be made weekly, bi-weekly and monthly.
Watch your investments grow with the safety and security of a TFSA term deposit. Various term lengths available to suit your needs.
Best of all, the rate is guaranteed, so that you know in advance what your investment will be worth at maturity. Competitive rates and fully guaranteed.Investment options from 1 to 5 years.
- Competitive rates
- Term options from 1 to 5 years
- Terms are non-redeemable
- Funds on deposit at Fusion are guaranteed 100%
- without limited by the Deposit Guarantee Corporation of Manitoba
Managing your Money
One of the unique benefits of an RRSP, RRIF or TFSA account is that you can designate how your investments are transferred to your beneficiaries upon your death. Please note that the person you designate does not change automatically if you marry or divorce.
If you want to change your beneficiary at any time, as a result of marriage or divorce or for any other reason, you must create a new designation. If you have any questions about this please contact your branch.
Click below for more Wealth Management information.