Tax Free Savings Account

The main features of a TFSA is that you can save or invest money without paying tax on the income it earns, and you can withdraw it tax-free. Contribution limits are $5,500 per annum but these contributions are not deductible for tax purposes and interest paid on a loan to purchase or contribute to a TSFA is also not deductible. However these plans offer an excellent opportunity to build your savings and VPCU offers a variety of TFSA plans (savings, term deposits, payroll) to help you meet your financial goals.