Tax Free Savings Accounts are available at the Winnipeg Police Credit Union.  You can apply by printing off and filling in the following: TFSA Account Opening Application.  We do require an original signature (sorry, no faxes).  You can either drop it off in branch or mail it to us at 300 William Avenue, Winnipeg, MB  R3A 1P9.

Click Here for Current Interest Rates.

TFSA Contributions are now available online!  Make your TFSA contributions from the comfort of your home 24/7!  There is no restriction as to the dollar amount that can be transferred to a Platinum Savings TFSA. Transfers will only go into a Platinum Saving TFSA.  If you wish to purchase a different savings product once the transfer is complete, please call or email us and we can process the request for you!  You can also schedule regular transfer into your TFSA account online, or cancel them anytime!  Convenience at your fingertips!

Remember, all savings accounts, GIC or variable account deposits, including interest, are guaranteed without limit by the Credit Union Deposit Guarantee Corporation.  You can also transfer into an opened Variable TFSA by phone or internet banking, an easy option for those who want to maximize on the advantages early!

Any amounts you withdraw from your Tax-Free Savings Account in a year will be added to your contribution room for the following year (unless those withdrawals were due to an overcontribution).  You cannot contribute back the amount withdrawn until the next calendar year unless you still have contribution room in the current year.  The withdrawals are tax free and you are able to withdraw at any time, depending on what type of investment product you choose.  Any interest or gains you realize within the plan are tax free as well!

**It is your individual responsibility to ensure that you have not overcontributed to a TFSA in any given year, and to advise us as soon as possible if you realize you have.  We encourage you to be diligent in keeping track of overall deposits and withdrawals to avoid any penalties.  The total available deposits includes any TFSA plan totals you may have open elsewhere.  CRA encourages all TFSA Holders to utilize the Schedule A-Excess TFSA Amounts as a monthly tracking tool to monitor your deposits and withdrawals.  This document MUST be submitted with your return only in the event of an overcontribution. 

In the meantime, here is a helpful calculator that lets you know how much money you will save if you utilize a Tax Free Savings Account:  http://www.budget.gc.ca/2008/mm/calc_e.html  As well, here is a helpful pamphlet to answer questions about the Tax Free Savings Accounts.

You can link to the Government of Canada Website by clicking Here.  If you have further questions, please contact our professionals, Senior Financial Advisor, Barbara, CFP, FMA at barbarad@policecu.mb.ca or by phone at 926-3141 or Financial Advisor, Helder at helders@policecu.mb.ca or by phone at 926-3562.  They would be pleased to help you!