Registered Plans

Tax-Free Savings Accounts (TFSA)

The Tax-Free Savings Account, also known as TFSA, will allow you to save or invest money without paying tax on the income it earns and you can also withdraw funds tax free. Available to Canadian residents age 18 and older with a valid SIN and there is no maximum age for contribution. Income earned and capital gains under a TFSA will be tax sheltered and withdrawal of contributions and/or income will not be subject to tax.

Energy Credit Union Ltd. members can also open TFSA accounts through our award winning online Discount Broker partner QTrade. Through QTrade, members can purchase mutual funds, stocks and just about every TFSA -eligible investment available to Canadians. Please call our offices to speak to our knowledgeable staff for more information.

TECU TFSA Savings may be used for security on a loan and members may hold more than one registered TFSA account provided that contribution limits per owner are not exceeded. You can choose from our High Interest TFSA Daily Interest Account, our TFSA Term Deposit or our TFSA Index-Linked Term Deposit.

If you have any questions please give our Deposit Department a call at 416-238-5606.


  Contribution Year   Contribution Limit  
  2009   $5,000.00  
  2010   $5,000.00  
  2011   $5,000.00  
  2012   $5,000.00  
  2013   $5,500.00  
  2014   $5,500.00  
  2015   $10,000.00  
  2016   $5,500.00  
  2017   $5,500.00  
  2018   $5,500.00  
  Total 2018 contribution limit   $57,500.00  


There is also a link to a calculator built by the government if you want to estimate how much money you could save click here


Registered Retired Savings Plans (RRSP)

RRSPs are a great way to save for your future while allowing you to lower your income tax right away! TECU offers index linked, variable and fixed term RRSPs. You can have regular deposits to your RRSP account on a weekly, bi-weekly or monthly basis or lump sum deposits. We offer RRSP Loans and lines of credit to help you catch up on your RRSP contribution room before you lose the available space and help you lessen the cash crunch at tax time!


Registered Retirement Income Funds (RRIF)

When you turn 71 years of age, transferring your funds into a TECU RRIF is quick and easy whether the funds are with us or another institution. This allows you to spread out your payments and taxes over a number of years, reducing the amount of income tax you will pay!


Deposit Insurance (DICO)
All registered plan deposits at The Energy Credit Union are insured 100% per individual by the Deposit Insurance Corporation of Ontario. For more information, visit their website, or come into the branch to pick up a brochure.