DNCU - Tax-Free Savings (TFSAs)

Your savings grow tax-free and can hold various investment types, making TFSAs a great option to help you reach all of your savings and investing goals.

Choose from a selection of savings and investment products for your TFSA contributions, including savings accounts like our Enriched Savings Account, GICs, and other investments like mutual funds.

How a TFSA works
TFSA contribution limits

How a TFSA works

Canadians aged 18 and older can save $6,500 in a TFSA in 2023.
The total cumulative contribution room allowed effective January 2023 is $88,000.
Contributions to a TFSA aren't tax-deductible but investment income earned within a TFSA, including interest, dividends or capital gains, is not taxed, even when withdrawn.
Unused contribution room can be carried forward.
Funds can be withdrawn at any time and can be put back later without reducing your contribution room.
Income earned in a TFSA and withdrawals do not affect your eligibility for federal income-tested benefits and credits (e.g. Guaranteed Income Supplement, Canadian Child Tax Benefit).
Contributions to a spouse's TFSA are allowed and TFSA assets can be transferred to a spouse upon death.

TFSA contribution limits

Total	$88,000
2023	$6,500
2022	$6,000
2021	$6,000
2020	$6,000
2019	$6,000
2018	$5,500
2017	$5,500
2016	$5,500
2015	$10,000
2014	$5,500
2013	$5,500
2012	$5,000
2011	$5,000
2010	$5,000
2009	$5,000

How to make the most of your TFSA

Make sure you have the right investments

Make sure the investments you hold in a TFSA align with your risk tolerance and investment horizon. Saving for retirement? Stocks, ETFs (Exchange Traded Funds) and mutual funds are great choices.

Max out contributions

Know your limits and invest within them. Pay attention to the limits and keep track of how much you invest each year.

Save early and often

The key to growing your TFSA is to take advantage of it as soon as possible. The earlier you start contributing to your TFSA, the more time your money has to grow tax-free.

For easy savings, set up a PAC (pre-authorized contribution).

Dawn Perrin

Mutual Funds Investment Specialist

Credential Asset Management Inc.

(306) 768-1408

Dawn.Perrin@diamondnorthcu.com

Karissa Little

Mutual Funds Investment Specialist

Credential Asset Management Inc.

(306) 768-1407

Karissa.Little@diamondnorthcu.com

Karla Morris

RIS, Insurance Advisor/Investment Advisor
Credential Financial Strategies Inc. & Credential Securities

(306) 862-8160

Karla.Morris@diamondnorthcu.com

Laurell Lloyd

Mutual Funds Investment Specialist

Credential Asset Management Inc.

(306) 724-8376

Laurell.Lloyd@diamondnorthcu.com

Sheri Baker

Mutual Funds Investment Specialist

Credential Asset Management Inc.

(306) 765-1323

Sheri.Baker@diamondnorthcu.com

Tanya Hamilton

Wealth Specialist

Diamond North Credit Union

(306) 862-0736

Tanya.Hamilton@diamondnorthcu.com

Trina Holmes

Mutual Funds Investment Specialist

Credential Asset Management Inc.

(306) 862-0747

Trina.Holmes@diamondnorthcu.com

Other Investment Options

GIC Mutual Funds RRSP/RRIF RESPs RDSPs Digital advice from Qtrade Guided Portfolios DIY with Qtrade Direct Investing

TFSA vs RRSP

Have you ever wondered if you are investing in the right productt? Read these guidelines to help you decide what is best for your individual situation.

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Mutual funds and related financial planning services are offered through Credential Asset Management Inc. Mutual funds, other securities and securities related financial planning services are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc. Online brokerage services are offered through Qtrade Direct Investing, a division of Credential Qtrade Securities Inc. Qtrade and Qtrade Direct Investing are trade names and trademarks of Aviso Wealth. VirtualWealth is a trade name of Credential Qtrade Securities Inc.