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Grow Your Money Tax Free

The Tax-Free Savings Account (TFSA) allows Canadian residents age 18 or older to set money aside in elgible investment vehicles.  You get to watch those savings grow with interest and/or dividends and/or capital gains tax free. 

There are no restrictions on when or how TFSA funds (contributions or earnings) may be used, whether your plans are to purchase a car, renovate a home, start a small business, take a family vacation or just save for a rainy day. A careful review of each person's financial situation will determine how to optimize TFSA's.

You can also transfer TFSA's held at other financial institutions to your HMECU TFSA.

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Contribution Room

You can make regular contributions to your TFSA throughout the year without needing to have an earned income. However, it is your responsibility to make sure you do not go over your maximum yearly contribution limit. Any over-contributions are subject to penalties and interest. The Canadian Revenue Agency sets the yearly contrubition limit. Unused contribution room is accumulated every year to a maximum limit. Any withdrawls from your account will be added back as contribution room in the next year.

Taxation Year TFSA Annual Limit Contribute Limit
2009 $5,000 $5,000 
2010 $5,000 $10,000 
2011 $5,000 $15,000 
2012 $5,000 $20,000 
2013 $5,500 $25,500 
2014 $5,500 $31,000 
2015 $10,000 $41,000 
2016 $5,500 $46,500 
2017 $5,500 $52,000 
2018 $5,500  $57,500 
2019 $6,000 $63,500 
2020 $6,000 $69,500
2021 $6,000 $75,500
2022 $6,000 $81,500
2023 $6,500 $88,000
2024 $7,000 $95,000



Our Tax-Free Savings Account Calculator helps to quantify the financial benefits of investing through TFSAs when investment income is shielded from taxes. Click here to see our TFSA Calculator.


Not sure what to invest in? We are here to help!

A variety of investments can be held within a TFSA including GIC's and Mutual Funds. We are here to help you optimize your TFSA!

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Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus and/or fund fact sheet before investing. Mutual funds are not guaranteed and are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Fund values change frequently and past performance may not be repeated. Mutual Funds are offered through Worldsource Financial Management Inc., sponsoring mutual fund dealer. Other Products and Services are offered through Healthcare and Municipal Employees’ Credit Union.

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