Golden Horseshoe Credit Union

Tax-Free Savings

A tax-free savings account is a flexible savings vehicle that allows you to save your money and make withdrawals without being taxed. To be eligible for a tax-free savings account you must be at least 18 years of age and have a valid Social Insurance card. You can deposit a maximum of $5000 per year and if you do not contribute the full $5000, your unused contributions are carried forward to the following year. You can withdraw from this account at any time without affecting your contribution room however you do have to wait for the next year to re-contribute what you have withdrawn. The interest earned in a tax-free savings account is also not taxed, allowing you to save more money!

For more information please visit the Government of Canada website.

Tax-Free Savings Account

The credit union offers regular tax-free savings accounts where you can build your savings through our convenient payroll deduction or automatic transfer from your chequing or savings account. There are no service charges for withdrawals and deposits and the interest earned on this account is calculated on the minimum monthly balance and paid quarterly.

Tax-Free Term Deposit

Earn more interest by putting your money in a tax-free long term deposit. Like our regular term deposits, we offer short and long term deposits from 90 days to 3 years. The interest is paid into a tax-free savings account on the maturity date or annually depending on the length of the term. To view our tax-free term deposit