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Wealth Management

Ethical Funds | Credit Union Investments | Tax Free Savings Account


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Credit Union Central of Saskatchewan
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Sandhills Insurance

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Tax Free Savings Account (TFSA)

Take A Fresh Approach to Your Savings with a Tax Free Savings Account at Sandhills Credit Union.

TFSA Contribution Limit

Contribution to a TFSA may only be made by the Holder and the amount is not tied to the income of the Holder.

  • The Holder can contribute up to $5,500 per year.
  • Contributions are not tax deductible.
  • The Holder is responsible for ensuring the maximum contribution limit is not exceeded. An excess contribution will result in a penalty tax of 1% per month for each month that the excess contribution amount remains in the TFSA.

TFSA Unused Contribution Room

When a TFSA Holder contributes less than the maximum contribution limit, the difference is referred to as 'unused contribution room.'

  • Unused contribution room will accumulate each year.
  • Unused contribution room is carried forward indefinitely, allowing the Holder to 'catch up' by contributing more than the maximum contribution limit in a future year.
  • A TFSA withdrawal will increase the contribution room for the year after withdrawal. As a result, when amounts are withdrawn from a TFSA they can be re-contributed in the future when funds become available.
  • Canada Revenue Agency will confirm the contribution room on the annual Notice of Assessment

Withdrawals

  • TFSA Holder may withdraw funds at any time; withdrawals may be restricted by investment terms.
  • Withdrawals are not reported as taxable income and are not subject to income tax.

Talk to us today about your Tax Free Savings Account at Sandhills Credit Union.

 

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