TFSA Loan

A Tax Free Savings Account (TFSA) Loan lets you take advantage of your unused TFSA contribution room by borrowing funds.

Maximize your contribution

With a maximum amortiation of one year, you can borrow funds to maximize your current-year TFSA contribution limit or "top-up" your contribution by using past year's contribution room.

Apply online

visit a branch near you or call 604-517-0100 to set up your term today.


Product Details

Features

  • Loan interest rate is fixed to prime rate.
  • Loan may be paid off at anytime.
  • Lump sum payments may be made at anytime.
  • Full range of repayment frequencies are available.
  • CRI insurance is available.

Repayment Options

  • Weekly, bi-weekly, accelerated bi-weekly, semi-monthly and monthly payment options available.
  • The loan can be repaid at any time without penalty.
  • If a lump sum payment is made the amount of the remaining payments can be reduced accordingly.

Terms & Conditions

  • The maximum loan limit is based on the contribution room available.
  • Loan proceeds must be invested in a Westminster Savings controlled investment product.
  • Members must maintain at least the amount of the remaining principle on the TFSA loan in their Wesminster Savings TFSA.
  • The investment must remain with the credit union until the loan is repaid. If a transfer request is received the credit union may turn down the request.
  • 12 month maximum term for repayment.
  • Standard connection, approval limits and registration fees apply.

Is this right for you?

A TFSA Loan is suitable for those wanting to establish TFSA savings or investments immediately or for those who have not used their entire contribution room and believe that their life circumstances make their window for contributing short.

 

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