Tax Free Savings Accounts
Welcome to our Tax Free Savings Account page. The Cumberland Credit Union began offering TFSAs early this year when the new Federal Government legislation took effect. One of the key features of this new savings account is that the interest earned on the account is not included on your Income Tax Return, its Tax Free!
Another very important consideration is that any unused contributions can be carried forward to the future. This however, is only possible if you open an account now, make a small contribution and begin accumulating your unused portion. Unlike an RRSP, contributions to a TFSA are not tax deductible, so if given a choice it would be better to make the RRSP contribution while building up your TFSA unused portion for later use.
For more information on this subject refer to this site:
