Tax Free Savings Account (TFSA)

TFSA Limit for 2021 - $6,000

TFSA Limit for 2020 - $6,000

TFSA Limit for 2019 - $6,000

TFSA Limit for 2018 - $5,500

TFSA Limit for 2017 - $5,500

TFSA Limit for 2016 - $5,500

For more information go to the Department of Finance Tax Free Savings Account Information page.

What is a Tax Free Savings Account?
A Tax Free Savings Account is a government approved savings plan that allows contributions based on pre-established limits by the Department of Finance. Earnings within a TFSA are not subject to income tax.

Who can contribute?
Individuals who are a resident of Canada who are 18 years old with a valid Social Insurance Number can invest in a TFSA. There is no maximum age restriction.

Contribution Limit
As of 2020, the lifetime contribution limit is $75,500 (as long as the member was 18 years or older in 2009)

Unused Contribution Room
If contributions are not maximized in a given year or year(s), those limits may be carried forward to future

Individual has access to funds at any time subject to the type of investment being held. The withdrawal is not subject to withholding tax nor is the income subject to tax. Withdrawals will not impact eligibility for income tested benefits or credits.

Individuals can choose from a wide array of investments available at the Vermilion Credit Union.

TFSA Declaration of Trust



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