We've merged effective January 1, 2020 and while this website may still bear the name and logo of Westminster Savings Credit Union, we are in the process of revising all print and digital materials to bear the name of the new legal entity - Prospera Credit Union. We appreciate your patience during this transitional period.

Tax Free Savings Accounts

Tax Free Savings Accounts

A Tax Free Savings Account (TFSA) is a great way to save for your retirement, for home renovations, for an education, for travelling or just for a rainy day.

Contact us online

visit a branch near you or call 604-517-0100 to get started today.


We have a variety of eligible Tax-Free Saving Accounts to help you with your short term and long term savings goals.

  • High Interest Savings Account

    Get the most out of your savings without sacrificing flexibility.

    Find out more

  • 2-Year Higher Rate

    Our two-year registered term deposit features an interest rate in year two that will be higher than in year one. It is reinvestable without penalty on the first anniversary date and is a short term registered investment that offers flexibility in the short run if interest rates increase.

    Find out more  |  Apply online

  • 3-Year Rate Climber

    Rewards you for locking away your funds for a short period of time. It is redeemable or reinvestable without penalty on each anniversary date and is a flexible long term registered investment with a relatively high return.

    Find out more  |  Apply online

  • 5-Year Rate Climber

    Rewards you taking a long term approach to your savings and investment plan. It is redeemable or reinvestable without penalty on each anniversary date and is a flexible long term registered investment with a relatively high return.

    Find out more  |  Apply online

  • Reinvestable Term Deposits

    Our reinvestable term deposit features a fixed rate and annual interest. Funds can be reinvested at any time without penalty into a term of equal-to or great-than time remaining on original term.

    Find out more  |  Apply online

  • Long Term Deposits

    Our long term non-redeemable term deposits feature fixed interest rates and are suitable if you are seeking to maximize your savings through a variety of longer term investments. A minimum $1,000 investment with terms of 12, 15, 18, 24, 26, 48 and 60 months available.

    Find out more  |  Apply online

Understanding TFSAs

A Tax-Free Savings Account (TFSA) is a registered savings account that allows taxpayers to earn investment income tax-free inside the account.

  • Each year you can contribute an amount up to your contribution room for the year.

    Year Contribution Amount
    2009 - 2012 $5,000
    2013 - 2014 $5,500
    2015 $10,000
    2016 - 2018 $5,500
    2019 $6,000
    Total Contribution Amount* $63,500
  • Any unused contribution room from previous years is carried forward.
  • Any interest earned on the savings, even from investments, will not be taxed.
  • You can withdraw your money at any time, tax-free, for any reason, and any money you withdraw can be recontributed the following year.**

Important Information


  • Contributions to a TFSA will not be deductible for income tax purposes, but investment income, including capital gains, earned in a TFSA will not be taxed, even when withdrawn.
  • Unused TFSA contribution room can be carried forward to future years. For example, if you contribute $4,500 to your TFSA in 2012, your 2013 contribution room will be $6,500: $1,000 of unused room for 2012 plus the full $5,500 contribution room for 2013.
  • Over-contributions - above your annual contribution limit - are charged a penalty by the Canada Revenue Agency (CRA).


  • You can withdraw funds from the TFSA at any time for any purpose, but you cannot recontribute the withdrawn amount until the following year.
  • The amount withdrawn can be put back in the TFSA the following year without reducing your contribution room.
  • Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits.

Spousal contributions

  • Contributions to a spouse's TFSA is allowed.
  • TFSA assets can be transferred to a spouse upon death without affecting the survivor's existing contribution room.
  • Interest paid on a loan used to make a TFSA contribution is not tax deductible.

Contributing to your Tax Free Savings Account

You can contribute to a TFSA at your nearest branch, over the phone at 604-517-0100, or in Online Banking. Once your TFSA is set up, you can transfer money to your TFSA whenever you need.


* Members who satisfy the terms and conditions listed below will receive a C$50 bonus (the “Repeat Savings Bonus”) for setting up a qualifying pre-authorized credit equivalent to C$100 per month or greater into an investment product between January 13, 2020 and March 31, 2020. This offer is only available to members who have not previously had a pre-authorized credit into an investment product over the last 12 months. An investment product consists of any of the following: term deposit, mutual funds, and registered savings accounts (including a Registered Retirement Savings Plan Variable Savings Account and Tax Free Savings High Interest Savings Account). The pre-authorized credit into the investment product must be operating for a minimum six months before the RSB will be deposited into the member’s chequing or savings account. Money will be deposited into account within 30 days of qualifications being met. The member must have attained the age of majority in British Columbia to qualify for this offer. All investments in a Credential Asset Management Inc. or Credential Securities account are subject to standard suitability assessments and the applicable account terms and conditions. Only pre-authorized credits into investment products will be included when determining if a customer has satisfied the terms and conditions of this offer. The RSB Bonus will be calculated in Canadian dollars. Limit of one offer per member.

Individuals will be wholly responsible for any tax implications that receiving the Repeat Savings Bonus may incur. If you require tax advice, please contact your personal tax advisor. The terms and conditions of this offer, including its overall availability, are at the sole and absolute discretion of Prospera Credit Union and are subject to change at any time without prior notice. Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual fund securities and cash balances are not insured nor guaranteed, their values change frequently and past performance may not be repeated. Investment professional refers to Personal Bankers, Financial Planners, Investment and Retirement Planning and Investment Specialists that are representatives of Westminster Savings Financial Planning Ltd.

Effective January 1, 2020 Westminster Savings and Prospera Credit Union have officially merged. As a result of this merger, the two predecessor credit unions are now one legal entity, which will be legally and commonly known as Prospera Credit Union. Prospera Credit Union has take on the collective rights and obligations, including existing contractual relationships, of the predecessor credit unions.

Need help?

See all our contact options.