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Start Your Savings Engine! The all-new Bayview Credit Union Tax-Free Savings Account (TFSA) has arrived! This exciting new product was introduced by the Government of Canada in the 2008 federal budget as a means for Canadians to expand their saving strategy for important life purchases. What's Under the Hood? How does a TFSA work? Simply put, it's is a government-registered savings plan. Contributions are made with your after-tax dollars. Income earned inside your TFSA is TAX-FREE and can be withdrawn with no tax penalty. Members have flexible account options, i.e. GICs, Term Deposits, Savings accounts, etc. for a lifetime of saving needs. As they are a registered product, TFSA interest rates mirror other registered Bayview investment products, i.e. RRSPs and RRIFs. Additionally, Bayview offers a Super Savings TFSA account: Review Bayview Deposit & Investment Rates >> To help you understand the TFSA better, we've put together some Frequently Asked Questions (FAQs) based on government information. We will update this page as information continues to becomes available. TFSA Test Drive: Frequently Asked Questions (FAQ)

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