A City Savings Financial Services Tax-Free Savings Account (TFSA) connects you to a flexible new way to earn tax-free investment income. If you’re 18 years of age or older, you can contribute up to $5,000 per year to a TFSA. While principal contributions are not deductible for tax purposes, any interest income earned inside the TFSA and any withdrawals are not taxable nor do they affect your eligibility for Old Age Security, the Guaranteed Income Supplement, or Canada Child Tax Benefit. It’s a great way to supplement your other existing registered plans like the Registered Retirement Savings Plan (RRSP) or the Registered Education Savings Plan (RESP).
Effective August 23rd, 2011
| Term Redeemable (with penalty) |
Rate % | Term Non-Redeemable |
Rate % |
|---|---|---|---|
| 30-59 days | 0.20 | 1 Year | 0.90 |
| 60-89 days | 0.25 | 2 Years | 1.10 |
| 90-179 days | 0.50 | 3 Years | 1.20 |
| 180-269 days | 0.55 | 4 Years | 1.35 |
| 270-364 days | 0.75 | 5 Years | 1.65 |
| Tax-Free Daily Interest Savings Account – 1.25% | |||
City Savings Financial Services – your connection to a bright financial future!
*EACH INDIVIDUAL RRSP / RRIF CONTRACT IS INSURED TO MAXIMUM ON DEPOSIT THROUGH THE DEPOSIT INSURANCE CORPORATION OF ONTARIO
