* Fees for the transfer of a TFSA plan to another institution still apply
** Funds accessible within two days for non-standard withdrawals
When you invest in a Tax-Free Savings Account (TFSA) at Alterna, your money will grow, and you can keep every penny of it. Save for whatever you like — a new car, a home renovation, a vacation, a rainy day — knowing that you won’t have to pay any tax on the interest you earn.
If you’re going to save, why not save tax-free?
Look into Alterna's TFSA solutions:
Contribution limit | year |
---|---|
$6000 | 2021 |
$6000 | 2020 |
$6000 | 2019 |
$5,500 | 2018 |
$5,500 | 2017 |
$5,500 | 2016 |
$10,000 | 2015 |
$5,500 | 2014 & 2013 |
$5000 | 2012 - 2009 |
Don’t overdo it. Take care not to invest beyond your own contribution limit. For each month that an over-contribution remains in your TFSA, Canada Revenue Agency (CRA) will charge a penalty tax of 1% per month on the excess amount. Just be sure that you don’t contribute more than your yearly limit allows.
Unused Contribution Room
Example: In 2009, Sarah invests $5,000 in a TFSA. Later that year, she withdraws $3,000 for a vacation, but her plans change and she is not able to go. Since Sarah has no unused TFSA contribution room left, she will have to wait until 2010 to deposit the $3,000 back into her TFSA.
Withdrawals
Our Tax-Free Savings Account Calculator helps to quantify the financial benefits of investing through TFSAs when investment income is shielded from taxes.
These calculators are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please visit your branch to seek personalized advice from qualified professionals for all personal finance issues.
Total contribution limits from the introduction of Tax Free Saving Accounts in 2009 through 2019 should not exceed $63,500.
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* Fees for the transfer of a TFSA plan to another institution still apply
** Funds accessible within two days for non-standard withdrawals
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