A Tax-Free Savings Account is more than a standard savings account. It’s better described as a Tax Free INVESTMENT Account because you can invest in both GICs and savings with the benefit of paying no tax on interest earned.
HOW YOU USE A TFSA DEPENDS ON YOUR GOALS.
I’M SAVING FOR SHORT TERM GOALS |
I’M SAVING FOR LONG TERM GOALS |
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| YOU NEED A: SAVINGS ACCOUNT |
YOU NEED A: GIC (guaranteed investment certificate) |
| CFF Bank offers a Savings Account granting you the flexibility to transfer funds in and out while earning more interest than a traditional savings account. (some restrictions apply) |
CFF Bank GICs are funds invested for multiple years. By locking in your funds for a longer term you generally receive a more competitive interest rate than a savings account. |
TFSA SAVINGS ACCOUNT WITH AN AUTOMATIC SAVINGS PLAN
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SAVE ALMOST $15,000* IN 2 EASY STEPS
1. Open a TFSA with a deposit of $2,000
2. Activate an Automatic Savings Plan of $200/month
THAT’S IT!
Over 5 years this series of small contributions will grow as will your Tax-Free Interest to $14,692 which you can be withdrawn at any time without penalty.
* at 1.7% interest compounded monthly over 5 years with recurring $200/month contributions |
ABOUT THE TAX-FREE SAVINGS ACCOUNT
QUALIFYING DETAILS
All account holders must be 18 years or older with a valid Social Insurance Number. There is no maximum age to contribute to a Tax-Free Savings Account and it does not impact eligibility for government benefits (ie: Old Age Security).
ACCOUNT DETAILS
Savings Account
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minimum deposit: None
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interest calculated daily and paid monthly
GICs
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minimum deposit: $1,000
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available terms from 1 to 5 years
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interest paid or compounded annually
Special Notes
All amounts are subject to annual deposit limits set by the Canada Revenue Agency. Individual contribution capacity depends on deposits made (or not) in prior years.
ABOUT CFF BANK
CFF Bank is a 100% Canadian owned Schedule I Bank. Building on its strengths in mortgages, CFF Bank offers personal banking products while delivering quality service and solutions through top financial professionals in local communities.
ABOUT CDIC
CFF Bank is a member of CDIC (Canada Deposit Insurance Corporation). Eligible deposits are insured to $100,000 (principal and accrued interest combined). Further information can be obtained through the CDIC website at www.cdic.ca. |
