Which is better for me, an RRSP or TFSA?

TFSAs and RRSPs work in different ways. The money you contribute to a RRSP actually reduces your income and offers you tax breaks in the year you contributed. Great, but when you begin to withdraw from a RRSP down the road, you’ll be taxed on that money as income.

The money you contribute to a TFSA doesn’t reduce your income for the year, so don’t expect a big tax refund because of it. But on the bright side, when you withdraw from your TFSA, it doesn’t count as income.

Deposit insurance coverage

At PenFinancial Credit Union, eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA).

Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA).

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Banking at PenFi is about more than just the money.

It’s about financial solutions that generate prosperity for you and your community.

Our Truly Local Commitment is the heart and soul of our philosophy, where we believe the prosperity of our Members and our communities go hand in hand.  Each year, we commit a portion of our profits to support truly local initiatives that help our communities thrive.  We're also a proud Living Wage employer, and we are a Certified B Corporation committed to using business as a force for good.  There are just a few of the ways we're invested in you and your community.