CU Bonus Builder® TFSA

The Bonus Builder TFSA is a 5 year non-redeemable tax free investment with an escalating interest rate that is available from January 15 until March 1 of each year.  The escalating interest rate allows you to take advantage of increased rates and because the rate is locked-in, you know what your growth will be.

Who Might Use this Plan?

Individuals 18 years and older and a Canadian resident who are looking for a tax free guaranteed  investment with a guaranteed rate that increases each year; letting you know what your growth will be. 

Affordable Expand/Collapse

  • You can start your investment with as little as $1,000
  • All deposits are free
  • No service fees to withdraw at maturity

Interest Rate Expand/Collapse

  • Competitive fixed interest rate so you know what your growth will be
  • Interest Rate increases every year
  • Interest is compounded annually increasing the growth of your investment
  • Interest may be compounded annually increasing the growth of your investment

Flexible and Convenient Expand/Collapse

  • No age maximum
  • Redeemable annually on the anniversary date
  • Choose if you would like the interest paid into the account annually on the anniversary date or have it compounded to the deposit
  • On maturity date, the deposit will automatically renew for a like term at the current rates, unless you advise otherwise
  • You can use your investment as security to obtain a better loan rate

Secure Expand/Collapse

Information About Your Deposit Expand/Collapse

You have many different ways to access your account information or history

  • Monthly Statement - You can choose how you want to receive your monthly statement; paper or eStatement. We suggest protecting the environment and ensuring secure record keeping by using eStatements.
  • In branch
  • Online banking, telephone banking and mobile services

Good to Know Expand/Collapse

  • Contribution amounts set annually by the federal government
  • Unused contribution amounts can be carried forward 
  • Withdrawals increase contribution room in subsequent years 
  • Unlike RRSP’s, the TFSA contribution limit is not tied to your income or age so you can contribute to your TFSA as long as you have contribution room
  • All the growth in your TFSA is tax free
  • A TSFA provides another alternative to the RRSP for tax savings
  • A TFSA does not provide an income tax deduction like a RRSP.

 

 

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