Achieva's Tax-Free Savings Account (TFSA) earns you a great return tax-free. The Government of Canada allows every eligible Canadian to contribute up to a maximum of $5,000 in a TFSA every year. With Achieva’s high interest rates, this could add up to big savings!
This account is right for you if you are looking for tax-free savings options in addition to or instead of RRSP contributions. While deposits are not tax-deductible, all interest earned in a TFSA is tax-free. Achieva's Daily Interest Savings Account and Guaranteed Investment Certificates are eligible for tax-free savings.
- Interest calculated on the closing daily balance and credited on the last day of each month
- Interest earned at the same annual interest rate as the Achieva Savings Account
- Transfers can easily be arranged from other institutions
- Designating a successor holder available upon request
- Remaining within contribution limits is the responsibility of the customer
**Important TFSA Change**
There has been an important change to the Tax-Free Savings Account (TFSA) due to new government legislation effective June 18, 2009.
Beneficiary Designation
Government legislation now allows for any beneficiary to be designated on the TFSA contract. Prior to this date, only Successor-Holders could be designated, meaning only a TFSA holder’s spouse or common-law partner could be listed. Beneficiaries on TFSA contracts can now be chosen at the discretion of the TFSA holder.
For existing contracts, those who have listed their spouse or common-law partner as Successor-Holder and wish them to be named as Beneficiary, need not take further action (as the designation of Successor Holder will ensure that in the event of death all monies will be transferred to the surviving spouse/CLP). To make a change from an existing Successor-Holder designation or to name a Beneficiary to a contract with no current designations, please contact us.