Tax Free Savings Account (TFSA)

SunRise Credit Union offers a government approved registered account that allows taxpayers to earn investment income tax-free. This account type is available as a variable or fixed rate term.

• Plan 24 - Zero balance required to open
• Fixed - Redeemable - Minimum deposit of $500.00
• Fixed - Non redeemable - Minimum deposit of $500.00

Investment options

• Plan 24 (floating interest rate)
• 1 to 5 year fixed rate term (see interest rate sheet for details)

Features

• Interest earned is tax sheltered under the plan
• TFSA Plan 24 balance may be withdrawn at any time
• TFSA fixed terms are non-redeemable until maturity
• Available to individuals at age 18 and up
• No maximum age to withdraw
• Deposits may be made at any time during the year
• Option to deposit using pre-authorized transfers
• Deposits are fully guaranteed by the Credit Union Deposit Guarantee Corporation
• Deposit maximum will be set annually and unused contribution room will accumulate each year. The 2009 deposit maximum is $5000.00
• A TFSA withdrawal will increase the contribution room for the year after withdrawal.
• CRA will confirm the contribution room on the annual Notice of Assessment
• TFSA withdrawals are not reported as taxable income and are not subject to income tax
• Deposits are not tax deductible
• Your TFSA grows tax-free throughout its lifetime

Interest

• TFSA Plan 24 interest is accrued daily and paid monthly
• For Fixed Rate Term TFSAs the interest is compounded annually on the anniversary
  

Pricing

• No admin fee however a transfer out fee may apply