TFSAs

Tax Free Savings Accounts (TFSA) are government-approved savings accounts that allow you to earn tax-free investment income. Contributions are made with after tax dollars, so they are not deductible for tax purposes. As such, this also means that all interest earned as well as any withdrawals made are non-taxable. Any unused contribution room can be carried forward to the subsequent year and any withdrawals made creates additional contribution room in the year following the withdrawal.

Deposits can be made to your Belgian-Alliance Credit Union TFSA in a lump sum or you can set up an automatic transfer to coincide with your pay schedule. Alternatively, deposits can be made through our Online Banking. Fixed term lengths ranging from 1 to 5 years are available, as well as a variable option, which allows subsequent deposits to be made.

All deposits guaranteed without limit by the Deposit Guarantee Corporation of Manitoba.

 

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