How the Tax-Free Savings Account (TFSA) works
As a CBBenefits member, you also have access to a TFSA to give you another way to save – whether it’s for your future, or just for a rainy day.
You can contribute up to $6,000 to your TFSA every year and watch it grow tax free. Funds can be withdrawn tax free any time, and you can carry forward unused contribution room each year. And, unlike RRSPs, if you take money out, you get the contribution room back.
Your spouse and dependants can also open a TFSA in the CBBenefits program and benefit from the same low fees that you get as a member.
TFSA investment options – Depending on what you’re saving for, you can choose a Target Date fund, or, there are funds available across a variety of asset classes, including:
- Canadian Equity
- Global Equity
- Global Growth Equity
- Fixed Income
- Money Market
- Real Estate
You can open a TFSA account through My Canada Life at Work. For more information, refer to the TFSA related resources.