All Canadian residents can open a Tax-Free Savings Account if they’re 18 years of age or older and have filed a tax return.
THINGS TO KNOW BEFORE ENTERING THE HOUSING MARKET
At YNCU, we know entering the housing market is a daunting task. School does not prepare you for the financial risk you take when purchasing a home for the first time. We want to share with you some tips to help you enter the housing market, responsibly.
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It's likely that you'll have different savings objectives at different stages of your life. Whatever your goal, a Tax-Free Savings Account (TFSA) is a great way to save for pre-retirement needs. A TFSA lets you invest without tax consequences on withdrawals, all while ensuring you keep your RRSP for retirement.
A Tax-Free Savings Account can be invested in a number of ways. Browse the options below to learn more about each type of Tax-Free Savings Account and an overview of important things to know about TFSAs.
Invest your money in a high interest, tax-free savings account that won't force you to "lock in" your funds.
You'll earn a higher interest rate with a minimum balance of $5,000.
Enjoy the flexibility of being able to access your money at any time, without locking in your funds.
Interest is calculated daily, and paid monthly on full balance.
*Minimum balance of $5,000 to obtain highest interest rate.
To learn about all of the investment options available to you, click here to review our whole suite of investment products.
Market-Linked GICs are a unique investment option where returns are linked to the performance of the stock market. The performance in the stock market or sector to which the GIC is “linked” determines the rate of return, but the principal investment is always secured and guaranteed.
Feature Product:
3 and 5 year terms available through Responsible Investments.
Your investment will be automatically reinvested in a similar product with comparable terms and conditions.
Capital Guaranteed
Capital 100% guaranteed at maturity
Return
Return on the investment is based on the appreciation of the benchmark securities and can only be known at maturity. Return could be nil at maturity.
Minimum Deposit
Minimum $1000 deposit required.
Building your savings is easier when you have a plan in place. The YNCU Pay Yourself Guaranteed Investment Certificate (GIC) brings you one step closer to reaching your financial goals by creating a monthly savings plan that's simple to set up and easy to use.
Rate: You'll benefit from the security of a guaranteed rate for the duration of your term.
Term: 1 year term available.
To simplify the renewal process, this investment will automatically renew into the same investment at the posted rate.
Interest & Principal Guaranteed: Guaranteed growth and 100% principal protection.
Interest: Interest paid at maturity.
No Minimum Deposit: No minimum monthly preauthorization contribution (PAC) is required.
It's up to you. Choose the dollar amount that is right for you!
No minimum monthly preauthorization contribution (PAC) is required.
Build your balance at an escalating rate with a Step Up Term Deposit. You'll benefit from a higher interest rate year after year, with the security of knowing your principal is protected.
Earn a higher rate year-after-year with an escalating interest rate.
Guaranteed growth and 100% principal protection.
Interest can be paid annually, or at maturity.
Minimum $1000 deposit is required.
*To learn about all of the investment options available to you, click here to review our whole suite of investment products.
Enjoy never paying tax on your contributions and interest earned.
A long term deposit is a great option for growing your money, with the security of knowing your principal is protected. YNCU offers both redeemable and non-redeemable long term deposits.
Enjoy the security of a guaranteed rate.
Guaranteed growth and 100% principal protection.
Interest can be paid monthly, annually, or at maturity.
Minimum $1000 deposit is required.
*To learn about all of the investment options available to you, click here to review our whole suite of investment products.
All Canadian residents can open a Tax-Free Savings Account if they’re 18 years of age or older and have filed a tax return.
The Tax-Free Savings Account will let you invest while not being taxed on the interest earned or investment earnings.
At YNCU, you’ll be able to open Savings Accounts, Guaranteed Investment Certificates (GICs), and Index-Linked Term Deposits.
Unlike an RSP, your contribution to a Tax-Free Savings Account will not be deducted from your income on your tax return, but the interest you earn will not be taxed.
As of 2019, you can contribute a maximum of $6,000 a year
If you take money out of your Tax-Free Savings Account, you don’t lose the contribution room – you get it back in the following year. If you take it out you will have to wait until the next year before you can put the money back in.
If you don’t make the maximum contribution you don’t lose the contribution room. The unused contribution room gets carried over to the following year. There is no limit to how much contribution room can be carried forward.
You can hold more than one Tax-Free Savings Account with a number of financial institutions, but the total contributions must be within your total contribution limit in that year.
Money you take out of your Tax-Free Savings Account will not affect federal income-tested benefits and credits, so you’re not penalized for saving.
Each year, the government will determine your remaining Tax-Free Savings Account contribution limit.
Money can’t buy happiness. But it can accrue it.
2023 Your Neighbourhood Credit Union Limited. All rights reserved.
Your Neighbourhood Credit Union (YNCU) is a licensed credit union operating in, and under the laws of, the province of Ontario. Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA) .