Tax Free Savings Account (TFSA)

A Tax Free Savings Account (TFSA) is a flexible savings arrangement registered under the Income Tax Act (Canada) that allows Canadians to contribute up to $5,000 a year to the account. Contributions are made with after-tax dollars and are not tax-deductible. Investment income is not taxed and withdrawals are tax-free.

If a TFSA is invested in:

• An Accumulation Annuity, it is protected separately from other deposit type products.
  

• A Segregated Fund policy, the promised guaranteed amount is added together with other amounts protected under Assuris’ Registered Cash Value protection.

Group Tax Free Savings Account (TFSA)

A Group TFSA is protected separately from an Individual TFSA.

A Group Segregated Fund policy generally does not provide a guaranteed amount on death or maturity and are therefore normally excluded from Assuris' protection.