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TFSA in 2011

The new year is here. Remember that as of January 1, 2011 you have even more opportunity to grow your investments tax free.

The federal government's TFSA program, begun in 2009, has so far allowed contributions of $5,000 per year to be invested in a TFSA. Because unused contribution room is carried forward indefinitely, as of 2011 you are now able to invest up to a three-year total of $15,000 in TFSA investments.

For example, if you contributed $3,000 to your Tax-Free Savings Account in 2009 and $4,000 in 2010, your contribution room for 2011 will be $8,000 ($2,000 carried forward from 2009 and $1,000 from 2010, plus $5,000 contribution room in 2011. There is no limit on how much contribution room you can accumulate.

Though contributions to your TFSA will not be tax-deductible, your investment earnings will be tax free. With this flexible investment option, you will be able to withdraw your deposits and interest from your TFSA without tax consequences.

Open your Outlook TFSA today. Get our TFSA application online to start enjoying Outlook’s great returns tax free.

Start now, save often

Set up a pre-authorized contribution for as little as $25 and put yourself on an effortless path to a secure future. Simply go online and complete an Automatic Deposit form, sign it and send it in with a void personalized cheque from the financial institution you wish to transfer from. When your savings reach $1,000, transfer your funds to an Outlook GIC and watch your savings grow even faster.

Transfer your existing RRSP, RRIF or TFSA

We make it easy to transfer in your RRSPs, RRIFs or TFSA from another financial institution. Simply complete our online Direct Transfer-in form and send it in, we’ll do the rest.

 

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Rates effective
Oct 16, 2014

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  • 1.80% Savings Accounts
  • 2.20% 1 Year Cashable GIC
  • 2.80% 5 Year Cashable GIC
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