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
tha
t are
not considered
contributions in
a TFSA.
Any
earning on TFSA investment
is
not taxable
Learn more