Tax-Free Savings Account (TFSA)

Giving to others and reducing your taxes at the same time.

Beginning in 2009, King’s is offering the new Tax Free Savings Account (TFSA). This investment opportunity allows you to earn interest without paying taxes on withdrawals. That means you have access to your money whenever you need it with no penalty. A great tool to save money for a wide range of goals, TFSAs are available to anyone over the age of 18 with a Social Insurance Number. Your TFSA is secured through a King’s mortgage.

The 2010 annual contribution limit is $5,000. Uncontributed amounts can be carried forward, offering excellent potential for long term savings.

The King’s Group TFSA interest rate is set at the beginning of each quarter-year by using the current chartered banks Guaranteed Investment Certificate rate as a benchmark. Interest is compounded and credited quarterly.

The current TFSA interest rate, effective July 1, 2010, is 2.25%.

For more information:

TFSA Fact Sheet, containing answers to commonly asked questions.
TFSA application form to start saving today!
TFSA Designation of Beneficiary Form to secure the future direction of your TFSA.
Declaration of Trust which outlines the details of the TFSA

You may download these documents, or request them from our office by contacting us at tfsa@kingsu.ca  or 780.465.8307.

Use this opportunity to give to your future while helping others!

Consider taking advantage of this excellent savings program by contributing to The King’s Group TFSA. This is an opportunity for you to invest in yourself and help King’s students at the same time.