The money you invest into a tax free savings account is taxable income, however the money that your investment earns while in a TFSA investment product, is tax free. With that, the Government of Canada has put limits on the amount one can invest into a TFSA every year, and restrictions on the withdrawals from your TFSA. For up to date details on contribution limits and withdrawal restrictions it is best to speak with a BVCU Representative or visit the Canada Revenue Agency website.
People often wonder if they should invest in a TFSA, RRSP, Term Deposit, or all of the above? The answer really comes down to your overall financial goals, timelines, and budget. There are various investment options to choose from for a TFSA, including Guaranteed Investment Certificates (GIC), Fixed or Variable Interest Rates, Redeemable and Non-Redeemable Terms, and high yield savings accounts. Getting started can be as easy as setting up weekly, biweekly or monthly contributions for as little as $25.00 a month. A BVCU representative will help you to develop a savings strategy and provide investment options to help you reach your goal. Another important part of investing with BVCU is also the peace of mind you get knowing that your investments are safe and 100% guaranteed by the Credit Union Deposit Guarantee Corporation (CUDGC), including the interest earned on your TFSA.
BVCU also partners with Credential Securities* to offer various other TFSA investment options that can further diversify your portfolio and make your money work harder for you. Mutual Funds, Ethical Funds, Bonds, Annuities, and Online Brokerage Services are just a few of the other investment savings options available to you to help you reach your investment goals. Our Credential Securities Investment Advisor will take the time to understand your goals and objectives to develop a portfolio specially tailored for you.
* Mutual funds and other securities are offered through Credential Securitiesa division of Credential Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.