WHAT YOU NEED TO KNOW
The Tax-Free Savings Account (TFSA) is a voluntary way to save for short- or long-term goals. Contributions are made with after-tax dollars, and investment growth and withdrawals are tax free.
Eligibility and Enrolment
You can join the TFSA once you are eligible for the DCPP or SPP that applies to you. Enrol through Workday by choosing your contribution amount, then log in to Sun Life to register your account, choose or change your investments, and designate or update your beneficiary.
Contributions
You decide how much to contribute through payroll deductions, subject to your available TFSA contribution room. Contributions are not tax deductible. Use Workday to start, change or stop contributions at any time.
Accessing Your Savings
You may withdraw or transfer your TFSA savings at any time without paying tax on the withdrawal.
If you are covered by a collective bargaining agreement, check your union contract, as eligibility and benefits might be different for each program.
