142 South Algoma Street
Thunder Bay, ON P7B 3B8

Phone: (807) 345-7612
Email: info@baycreditunion.com



Flexible, secure, and best of all, tax-free, TFSAs allow you to grow your investments without paying taxes on the gains. TFSA is flexible, tax-free investing, and any Canadian over the age of 18 can invest up to $5,500 a year tax-free. Withdraw or contribute at any time, and any unused contributions can be carried forward to future years. Plus, the amount withdrawn can be put back in your TFSA the following year without reducing your contribution room. Bay Credit Union hold our TFSA’s through Concentra Financial. Learn more about them here.


  • Contribute up to $5,500 per year (as of 2017); minimum contribution is $1,000
  • Any investment income you earn is tax-free
  • Unused contributions are carried forward to the next year
  • Choose from a variety of investment options 

How do TFSAs differ from RRSPs?

An RRSP is primarily intended for retirement, while a TFSA is for everything else in your life. While both plans offer tax advantages, there are a couple key differences:

  • Contributions to an RRSP are deductible and reduce your income for tax purposes. TFSA contributions are not tax-deductible.
  • Withdrawals from an RRSP are added to your income and taxed at current rates. TFSA withdrawals and growth within your account are tax-free.