A Tax Free Savings Account is a way to save or invest money without paying tax on the income it earns, and you can withdraw it tax-free.  It is a way for individuals who are 18 years of age or older, and who have a valid social insurance number, to set money aside tax free throughout their lifetime.  There are no restrictrions on the way Tax Free Savings Account contributions and earnings may be used..........purchase a car, renovate your home, start a business or just save for a rainy day!


The maximum amount that you can contribute to your TFSA is limited by your TFSA contribution room.  All TFSA contributions made during the year, including the replacement of re-contribution of withdrawals made from a TFSA, will count against your contribution room. The TFSA contribution room is made up of:

  • your TFSA dollar limit
  • any unused TFSA contribution room from previous years; and
  • any withdrawals made from the TFSA in the previous year

Your TFSA contribution room information can be found by going to one of the following services:

For additional information, review the Government of Canada TFSA website.

Take a look at our TFSA calculator to help you see how much money you could save!  Contact Hamilton Sound Credit Union to review your TFSA options.