TFSA program participants who  are 18 years of  age or older and  have a valid SIN  can save  money tax-free

Three types  of TFSA: A deposit An annuity contract An arrangement  in trust For more information, contact a TFSA issuer

To open a TFSA,  you must meet  the following  criteria: Valid SIN 18 years of age  or older Resident of Canada

You can open  more than one  TFSA , but the  total amount  cannot be more  than the  maximum amount  limit

You can open a  self-directed TFSA  if you would  like to manage  your own  investment  account for buying  and selling  investments

The TFSA's maximum savings limit is  $6,500 in 2023,  but from 2019 to  2022, it is only  $6000, and from  2016 to 2018,  it is only $5,500

TFSA is permitted  the same types of investments as a registered  retirement  savings plan like  cash, mutual funds, bonds etc. 

Money loss  depends  on the type of  investment in  your TFSA, any  loss is not  considered as  withdrawal

You can authorize  a representative to  collect your tax  matters and provide information on your behalf

You can also  save foreign  funds in TFSA.  The total amount  should be in  Canadian dollar  and not more than  max. limit

From a TFSA,  you can withdraw  any amount at  any time. If you  transfer money from TFSA to another,  that is not  considered  as withdrawal

There will be  no tax repercussions  if you transfer  money from one  TFSA to another  issuer if your issuer completes a direct transfer on your behaf

TFSA management  fees paid by the  holder that are not considered  contributions in  a TFSA. Any  earning on TFSA investment is  not taxable