Tax-Free Savings Account

Our Tax Free Savings Account Options

A Tax-Free Savings Account (TFSA) is a registered savings account that allows Canadians over the age of 18 to set money aside, tax-free, throughout their lifetime.

Each calendar year, you can contribute up to the set TFSA dollar limit of that given year, plus any unused TFSA contribution room from the previous year—as well the amount you withdrew the year before. You can withdraw from your TFSA whenever you'd like, with a big added bonus: you won't pay a penny in tax on the investment income you earn.

Considered by many to be the single most important personal savings tool since the RRSP, the TFSA allows you to:

  • earn interest tax-free
  • make income-tax free withdrawals whenever you'd like
  • contribute up to the TFSA dollar limit for the year
  • carry your unused contributions forward indefinitely
  • access your account at your convenience
  • hold a variety of investment types in your account

The annual TFSA dollar limit for 2020 is $6,000.00.

We offer a wide range of TFSA options, including:

  • Easy Start - If you’re looking to start saving for a long term investment, or saving for a future holiday or household renovations – our 12 month Easy Start Investment is a great option. 
  • Redeemable - suitable to those that like the freedom in knowing they can access their funds if/when they need them; or have the ability to redeem and place in a higher rate or different investment. Conditions may apply. Speak to your Financial Advisor.
  • Non-Redeemable - provides investors with a higher rate of interest and is locked in for the length of the term.
  • Index/Equity Linked - If you're looking for a longer-term investment tied to the stock market but don't want to take a lot of risk, Index- and Equity-Linked investments may be right for you.

Full Details on Cornerstone's Investment Suite

TFSA Loans

If you'd like to take advantage of all the great things a Tax Free Savings Account (TFSA) offers but just don't have the funds in place to get going, consider a TFSA loan.

You can use it to:

  • establish a registered savings plan
  • maximize your annual TFSA contribution
  • get back on track with your TFSA contribution
  • earn more interest, tax-free

Borrowing money to invest in a TFSA could be a wise choice for your savings plan. We offer great rates and same-day approval.

For more information or to book an appointment with one of our Financial Advisors, contact us.

 

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