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REGISTERED PRODUCTS
TFSA
Overview
What
Offers member a flexible registered savings option in which the incomed earned is completely tax-free
Who
Members over the age of 18 with a valid Social Insurance Number
Deposit Limit
Set annually, as of 2023, you can contribute $6,500 annually into your TFSA, plus any unused contribution amount you may have accumulated. However it’s important not to over contribute.
Withdrawing
You may withdraw funds for any given purpose. Please note frequency and penalty with Sharons Credit Union may depend on the investment account type (ie. Non-redeemable GIC)
Withdrawals can be made tax-free, and does not affect your income for the year
Withdrawals that are made in the current calendar year will be added to your unused contribution room, however amounts can’t be re-contribution until the following year or later.
Transferring TFSAs
It is possible to transfer any existing TFSAs with other financial institutions to Sharons Credit Union and vice versa. However, penalties are applicable for TFSAs transferred out of Sharons Credit Union.
Deposit Security
At Sharons Credit Union, depositors are 100% protected by the Credit Union Deposit Insurance Corporation of British Columbia.
Contributing
- There are set annual contribution limits (please see below for annual contribution limits).
- Any unused contribution room can be carried forward indefinitely, and there is no limit on how much contribution room you can accumulate.
- Similar to an RRSP, a penalty will be assessed by Canada Revenue Agency (CRA) of 1% per month on your excess contribution.
- Canada Revenue Agency tracks your contribution room and you may confirm your contribution room with them.
- Contributions made to an TFSA are not tax deductible.
| Year | TFSA Contribution Room |
| 2023 | $6,500 |
| 2019 - 2022 | $6,000 |
| 2016 - 2018 | $5,500 |
| 2015 | $10,000 |
| 2013 - 2014 | $5,500 |
| 2009 - 2012 | $5,000 |
Become a member
You’re more than a customer, you’re a member.
