Grow Your Money Tax Free

The Tax-Free Savings Account (TFSA) allows Canadian residents age 18 or older to set money aside in eligible investment vehicles and watch those savings grow with interest and/or dividends and/or capital gains tax free.

A variety of investments can be held within a TFSA including term deposits/GIC's and Mutual Funds.

There are no restrictions on when or how TFSA funds (contributions and earnings) may be used, whether your plans are to purchase a car, renovate a home, start a small business, take a family vacation or just save for 'a rainy day. A careful review of each person's financial situation will determine how to optimize use of RRSP's, RESP's, RRIF's and TFSA's and we can help with that.

You can also transfer TFSA's held at other financial institutions to your HMECU TFSA.

Contribution Room

As of January 1, 2009 when the TFSA was introduced, the contribution limit was $5000 per year. Effective January 1, 2013, an additional $500 contribution room was available, bringing the maximum yearly contribution limit to $5,500. This is the first increase to the contribution limit since the introduction of Tax Free Savings Accounts in 2009. In 2015, the annual contribution limit increased to $10,000. In 2016, the annual contribution limit was decreased back to $5,500 for upcoming years.

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