Eligible for CDIC coverage
Why invest in a TFSA?
Introduced in 2009, TFSAs are flexible, registered, general-purpose savings plans designed to help you reach your short and long-term goals. The investment income you earn in a TFSA is – you guessed it – tax free! So a TFSA is a great way to shelter your savings, and build them up over time. Given the flexibility and simplicity of TFSAs, they are a smart choice for any number of savings needs. For example, they are a great option if you are:
Looking for a safe place to put extra savings. Invest up to your contribution limit.
Looking for a way to complement your RSP. Pay no taxes on any investment earnings using a TFSA while also saving for retirement in an RSP.
Building a rainy day fund. Whether you're saving for your first home, your dream car, a rainy day, or a trip of a lifetime, a TFSA can help you reach your goals sooner.
Retired, but want to keep saving. You can keep contributing to a TFSA into your 70s, 80s, 90s and beyond! There is no upper age limit when it comes to contributing to a TFSA.
Trying to reach specific savings goals.When you’ve reached your goal, the money you withdraw is not taxed, and you can re-contribute to your TFSA based on CRA rules.
While the annual contribution room for a TFSA is currently $6,500 (effective from January 2023), you can also carry forward any unused contribution room from previous years, as well as reinvest any withdrawals made in the past (refer to CRA rules)*
Information provided is for general purpose only, and does not constitute personal financial or tax advice. Please consult with a professional advisor to discuss your specific financial and tax needs. It's important to keep track of all your TFSA contributions, in the current year and in past years, so that you don't exceed your contribution limit.
Protect your investment
All Oaken GICs are eligible for the Canada Deposit Insurance Corporation (CDIC) coverage through either Home Bank or Home Trust Company, up to applicable limits, so your savings are protected and your money will be there when you need it.
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*Refer to CRA rules on the Canada Revenue Agency website.
Commercial applications can be downloaded here and mailed to us.
Or if you prefer to make an appointment to apply in person, you can do so by viewing our Oaken store locations. For more information, please email firstname.lastname@example.org or call 1-855-OAKEN-22 (625-3622) from Monday to Friday 8:00AM to 8:00PM EST and Saturday from 9:00AM to 5:00pm EST.