Eligibility

• Any resident in Canada aged 18 or older and has a valid Social Insurance Number (SIN) is eligible to open a TFSA.
• You do not need to have earned income to contribute to a TFSA.

Contributions & Withdrawals

• Investment income earned in a TFSA will not be taxed allowing you to enjoy every dollar earned.
• TFSAs provide maximum flexibility in savings management.
• There are many options for TFSA investments, including daily savings accounts, traditional term deposits, index-linked term deposits or mutual funds*.
• Contributions to a TFSA can be made at anytime.
• Contributions to a TFSA are not tax deductible for income tax purposes.
• Unused TFSA contribution room can be carried forward to future years.
• When you withdraw money from a TFSA, the amount is added back to your contribution room the following year.
• Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA).

• You must confirm your TFSA contribution room by accessing “My Account” on the CRA website or by calling the CRA Tax Information Phone Service (TIPS) at 1-800-267-6999.
• You are responsible of ensuring the maximum contribution limit is not exceeded. Over-contributions will result in a penalty tax of 1% per month for each month that the excess contribution remains in the TFSA.
• You may withdraw funds at any time and at any age, unless restricted by the investment terms (example: 3 year non-redeemable Term Deposit).
• Upon death, the TFSA can be transferred to a spouse’s TFSA if they have been designated as the Successor Holder.