FIRST HOME SAVINGS ACCOUNT (FHSA)
Learn how an FHSA can help you save for a mortgage.
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APPLY FOR A LOAN UP TO $20K
APPLY FOR A LOAN UP TO $20K
Existing members can apply online for a personal loan up to $20,000. Simply log in to online banking, click Account Services and Apply for Loan.
RRSP vs TFSA
Which one is right for me?
Maximize your savings with an RRSP and TFSA
It's never too late to start saving for your future. By investing in an RRSP and a TFSA, you can set yourself up for success.
Why Save Now?
The sooner you start, the more your money can grow. Whether you're planning for a new home, exciting travels, or a comfortable retirement, starting now is key.
You can also take advantage of our exclusive offer: when you transfer $2,500 or more from another financial institution to us, you’ll earn a bonus of 0.5% for the first year — paid upfront and directly in to your Coastal Community RRSP or TFSA term deposit.*
Let's Chat!
Set up an online appointment to start saving more and take advantage of our transfer-in bonus.
RRSP VS. TFSA
It's to your advantage to save in both an RRSP and TFSA, here's why:
- RRSP: Ideal for long-term savings and maximizing your tax refunds
- Contribute up to 18% of your earned income each year
- TFSA: Great for growing savings tax-free and withdraw for vacation or other major purchases
- Contribute up to a set limit each year – the 2024 and 2025 limits are $7,000
- You could have up to $102,000 in contribution room if you haven't opened a TFSA yet. Actual contribution room depends on various factors.
What do we mean by “growing savings tax-free”?
Think of your TFSA as a container (bankers call it a ‘vehicle’) that can hold long-term investments like mutual funds, stocks, bonds and term deposits. Your savings grow faster, and you don’t pay taxes along the way or when you withdraw them. If you invest for 5 or 10 years, you could have a sizeable amount saved up in your TFSA during that time, much faster than you would get from a regular savings account.
You can also use your RRSP to hold investments like mutual funds, etc., but you may pay more to withdraw the funds if you need them before you retire.
Let's chat!
Set up an online appointment to start saving more and take advantage of our transfer-in bonus.
Let’s compare: RRSP vs. TFSA
The table below describes the benefits of having both an RRSP and a TFSA to make your financial goals a reality.
RRSP
- Use your RRSP for long-term savings and maximize tax refunds
- You need taxable income to get more contribution room
- RRSP contributions are tax deductible
- Withdraw money anytime, but pay taxes/penalties right away1
- You can contribute up until the end of the year you turn 71
TFSA
- Use your TFSA to save for any goal you can dream up!
- You don’t need taxable income to get more contribution room
- TFSA contributions are not tax deductible
- Withdraw your money anytime, tax-free and for any purpose2
- You can contribute from age 19 and for the rest of your life
1Except if your withdrawal is made as part of the Lifelong Learning Plan (LLP) or Home Buyer’s Plan (HBP), which will not be taxed as long as you repay the plan within the required time.
2If you decide to withdraw and re-contribute to your TFSA several times over a year, make sure to keep track of these activities to ensure you don’t contribute more than the annual limit. Learn more about penalties for over-contributing.
Prefer to manage your savings on your own?
Qtrade Guided Portfolios® offers the best of both worlds—convenient, digital investing with experts monitoring your plan, and access to an Aviso Wealth Investment Advisor to help you set and meet your goals.
*Some conditions apply. Maximum value of $250. No cash value. This represents an offer for Coastal Community RRSP/TFSA investment purposes only.
**Qtrade Guided Portfolios is a division of Aviso Financial Inc. Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.
RRSP: Registered Retirement Savings Plan
TFSA: Tax Free Savings Account
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Coastal Community Credit Union acknowledges that we are located on the Lands of the Coast Salish, Nuu-chah-nulth and Kwakwaka’wakw ancestors and families, whose historical relationships with the Land continue to this day. We are grateful to have the opportunity to live, learn, work and play in their traditional and unceded territories.
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