Shell Employees' Credit Union
What do you know about Tax Free Savings Accounts (TFSAs)?


Introduced in January 2009, TFSAs possess unique tax-free financial benefits unlike any other savings account. Take our quiz to learn more about TFSAs and how they can provide you a great opportunity to accelerate your savings.

Then enter our contest for a chance to Win a $500 TFSA!
Let's get started... 
 
1. What is the primary benefit of a registered Tax Free Savings Account (TFSA)?
a. Contributions are tax deductible
b. All earnings are tax free at withdrawal
c. There is no annual contribution limit
2. What investments can be made within a TFSA?
a. Mutual funds
b. GIC’s
c. Bonds
d. All of the above
3. Which of these statements is correct about Tax Free Savings Accounts (TFSA)?

a. The maximum annual contribution is $5,000
b. Unused space under the yearly $5,000 contribution cap can be carried forward
c. Withdrawal amounts made in a year can be subsequently replaced
d. All are correct
4. If you contribute $5,000 to a TFSA in 2010, double it to $10,000 via effective investing and then withdraw $8,000 for education in the same year, what is your maximum contribution in 2011?
a. $5,000
b. $13,000
c. $8,000
5. Can an individual fund a spouse or adult child’s TFSA without personal tax implications?
a. Yes
b. No
 

When it comes to TFSAs, we've got you covered!

We make contributing to a TFSA easy – we'll arrange semi-monthly, monthly or lump-sum deposits.

Our deposit plans give you lots of flexibility. We offer variable rate or terms of from 1 to 5 years. Deposit more than $50,000 and we'll give you an additional bonus of .25%!

Need a TFSA loan to meet your investment needs? You've come to the right place with rates at prime + .5%!

So, what are you waiting for, contact us today!

You are almost there. Click here for your next 5 questions.