Tax-Free Savings Account

With a TFSA, you can deposit funds then watch those funds earn interest tax-free throughout your lifetime. Contributions to TFSAs are not tax-deductible and any money contributed, as well as any income earned in the account, is tax-free for life, even when it is withdrawn.

There are two different TFSA types you can invest in:

Variable

  • No minimum deposit required
  • Competitive interest rates
  • Income earned within the plan is tax-free for life
  • Interest calculated on daily closing balance
  • Interest paid annually on December 31st
  • All deposits are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba

NEW FEATURE: You can now make deposits to your variable TFSA account in online banking.

Fixed Term

  • Minimum $1000 deposit required
  • Competitive interest rates
  • Income earned within the plan is tax-free for life
  • Interest paid on maturity/anniversary date
  • All deposits are guaranteed 100% by the Deposit Guarantee Corporation of Manitoba

The ability to withdraw funds as needed is one of the biggest advantages of a TFSA. Withdrawing money from your TFSA doesn’t count as “income” so it doesn’t affect your annual taxes or other benefits and pensions. We recommend letting interest build by saving long term.

The Government of Canada imposes limits on TFSA contributions. In 2020 the limit is $6000.

Start earning tax-free interest on your savings today. Contact your local CCCU advisor to learn more about how you can get more from your money.


Resources

Investment Calculators
Interest Rates

*Interest may be taxable in certain estate situations. Visit your Crosstown Civic Advisor or contact Canada Revenue Agency for more information.

Effective Monday, July 13, our 171 Donald Street branch will join the seven suburban branches and reopen to members at regular business hours.
The Winnipeg Square branch will remain available by phone only. Find out more.