Tax-Free Savings Account

A Tax Free Savings Account offers the benefits of investing funds in an account without being taxed on the income or growth of the asset.

How the account works

If you’re a resident of Canada who has a valid Canadian Social Insurance number and over the age of 18, TFSAs are an excellent way to grow your savings tax-free. While the money you put into a TFSA is not tax-deductible like an RRSP, when you take it out, it is tax free.

TFSAs were introduced in 2009 with new contribution room created each year based on an amount set by the Federal government. Funds withdrawn from the TFSA in one year creates new room in the following year. To determine your TFSA contribution room, please visit the Canada Revenue Agency login page to access your account.  The information can also be found on your most recent Notice of Assessment.

Types of TFSA Accounts

Variable Savings

This account is similar to a savings account. 

  • Interest is calculated on the daily closing balance and compounded annually.
  • Your money can be transferred to other credit union investment instruments at any time.
  • Regular contributions can be made weekly, bi-weekly and monthly.
Term Deposit

Watch your investments grow with the safety and security of a TFSA term deposit. Various term lengths available to suit your needs.

Best of all, the rate is guaranteed,  so that you know in advance what your investment will be worth at maturity. Competitive rates and fully guaranteed.Investment options from 1 to 5 years.

  • Competitive rates
  • Term options from 1 to 5 years
  • Terms are non-redeemable
  • Funds on deposit at Fusion are guaranteed 100% without limited by the Deposit Guarantee Corporation of Manitoba
Wealth Management
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