Tax-Free Savings Account (TFSA)

Tax Free Savings Account Application   (**must be printed on LEGAL SIZE PAPER) and TFSA Declaration of Trust .  We do require an original signature (sorry, no faxes). You can either drop it off in branch or mail it to us at 300 William Avenue, Winnipeg, MB R3A 1P9.

Need to transfer your TFSA to WPCU?  We will pay your transfer fees up to $150!  Call us at 944-1033 for details.

TFSA Contributions are available online! Make your TFSA contributions from the comfort of your home 24/7!  Online transfers can only go into a Platinum Saving TFSA. If you wish to purchase a different savings product once the transfer is complete, please call or email us and we can process the request for you! You can also schedule regular transfers into your TFSA account online and cancel or change them anytime!

Click Here for a helpful calculator that lets you know how much money you will save if you utilize a Tax Free Savings Account.

Notes on withdrawals and deposits:

Any amounts you withdraw from your Tax-Free Savings Account in a year will be added to your contribution room for the following year (unless those withdrawals were due to an over contribution). You cannot contribute back the amount withdrawn until the next calendar year unless you still have contribution room in the current year. The withdrawals are tax free and you are able to withdraw at any time, depending on what type of investment product you choose. Any interest or gains you realize within the plan are tax free as well!

e.g.. Mary put $5000 in her TFSA in 2009 and then took out $4000 in December 2009. In 2010, Mary can contribute $5000 and recontribute the $4000 she withdrew in 2009 for a total of $9000.00.

e.g.. Jim put $3500 in his TFSA in 2009 and withdrew $2000 in December 2009. In 2010, Jim can contribute $5000 for 2010, plus the $2000 withdrawn in 2009, plus $1500 from the carry forward room from 2009 for a total of $8500.00.

**It is your individual responsibility to ensure that you have not over contributed to a TFSA in any given year, and to advise us as soon as possible if you realize you have. We encourage you to be diligent in keeping track of overall deposits and withdrawals to avoid any penalties. The total available deposits includes any TFSA plan totals you may have open elsewhere. CRA encourages all TFSA Holders to utilize the 'Schedule A-Excess TFSA Amounts' as a monthly tracking tool to monitor your deposits and withdrawals. This document MUST be submitted with your return only in the event of an over contribution.  Call us for details.

 


Contact WPCU

300 William Avenue

Winnipeg, Manitoba, R3A 1P9

Open Monday through Friday,

9:00 AM to 5:00 PM

Phone: 204.944.1033

Fax: 204.949.0821

Toll Free: 1.866.491.7122

Email: info@wpcu.ca

Lost or stolen MasterCard: 1-800-567-8111

1-204-944-1033 during business hours

1-877-764-3693 Canada & USA after hours

1-905-764-3693 Internationally after hours

Please click here to view more information regarding our Hot Card Service.

© 2011 Winnipeg Police Credit Union, All Rights Reserved

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