Investments
Tax Free Savings Account
Tax Free Savings Accounts (TFSA) are an excellent addition to your investment portfolio. Our TFSAs offer competitive interest rates as well as fixed and variable terms to fit your lifestyle.
Unlike a RRSP, a TFSA allows you to make withdrawals tax-free and contributions are not tax-deductible. Any withdrawals made can be re-contributed the following year or in future years as long as you stay within your personal contribution limits.
Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA)
Let’s compare TFSAs & RRSPs
Details | TFSA | RRSP |
---|---|---|
Purpose | Savings for a wide range of financial goals | Savings to provide income for retirement |
Age Requirements | You must be 18 years old with a valid SIN to open and there is no maximum age to close | There is no minimum age, however you must have income & filed a tax return. RRSP contracts must be closed as of December 31 in the year you turn 71 |
Tax Deduction | Contributions are not tax deductible. All interest earned is tax free | Contributions are tax deductible |
Contribution Limits | The annual TFSA dollar limit for 2023 is $6,500. You also have any unused contribution room since 2009. | Based on a percentage of your previous years income. You will also have any unused contribution room that has been carried forward from past years. |
Over Contributions | Going over your contribution limit will result in a 1% penalty per month | Going over your contribution limit will result in a 1% penalty per month |
Withdrawals | Withdrawals are tax free and are not included in your income. Amounts withdrawn can be recontributed the following year with the exception of over contributions | Withdrawals are taxable and become part of your income. |
Year | Annual Limit | Cumulative Amount |
2009 | $5,00.00 | $- |
2010 | $5,00.00 | $5,000.00 |
2011 | $5,00.00 | $10,000.00 |
2012 | $5,00.00 | $15,000.00 |
2013 | $5,00.00 | $20,000.00 |
2014 | $5,500.00 | $25,500.00 |
2015 | $10,000.00 | $31,000.00 |
2016 | $5,500.00 | $41,000.00 |
2017 | $5,500.00 | $46,500.00 |
2018 | $5,500.00 | $52,000.00 |
2019 | $6,000.00 | $57,500.00 |
2020 | $6,000.00 | $63,500.00 |
2021 | $6,000.00 | $69,500.00 |
2021 | $6,000.00 | $75,500.00 |
2022 | $6,000.00 | $81,500.00 |
2023 | $6,500.00 | $88,000.00 |
Invest for Your Future...
Invest for Your Future...
With Flexible options
from Airline Financial.RRSPs
RRSPs
RRSPs
Saving money for your future retirement can be done easily and tax efficiently by depositing to a Registered Retirement Savings Plan.(RRSP) .
RRIFs
RRIFs
RRIFs
Choose the income payment and frequency that suits your needs at retirement. Interest earned inside the RRIF stays tax free until its withdrawn.
TERM DEPOSITS
TERM DEPOSITS
TERM DEPOSITS
Description for Term deposits. Description for Term deposits. Description for Term deposits. Description for Term deposits.