Group tax-free savings account (TFSA)
Setting up a group TFSA offers your plan members a tax-free investment option to help grow their savings, with no tax on withdrawals. Plan members can use it to save for big expenses like a new vehicle, vacations and home improvements, as well as supplementing retirement savings or whatever else they may be planning.
What is a group TFSA?
It has no legislative requirement for plan sponsors to contribute. It complements your Registered Pension Plan (RPP) or group Registered Retirement Savings Plan (RRSP). It provides plan members with an option to consolidate their savings, subject to contribution limits
Group TFSA gives plan members:
- Options no matter what their investment knowledge or interest level—from simple to customized solutions
- Convenience in being able to contribute to their TFSA through payroll deductions
- Access to financial representatives, helpful online tools and more