Tax Free Savings Account
The Tax-Free Savings Account (TFSA) program began in 2009. A TSFA is a tax-free way to save money over your lifetime. You do not need to have earned income to contribute to a TFSA. You can have more than one TFSA at a time, but the total amount you contribute to all of your TFSAs cannot be more than your available TFSA contribution room for that year.
In order to open and contribute to a TFSA, you must:
- be at least 18 years old
- have a valid social insurance number
- be a resident of Canada to accumulate TSFA contribution room. If you are a non-resident for a whole year, you will not accumulate any contribution room that year.
Topics
- Open a TFSA
Determine your eligibility, rules for non-residents, find out how to open a TFSA and the impact on your government benefits and credits. - TFSA contributions, withdrawals and transfers
View your TFSA contribution room, your annual contribution limit, and withdraw and transfer funds. - TFSA Slip
View a list of terminology and items that you will find on your TFSA Slip. - Types of investments
Qualified investments, transfers from RRSPs, in-kind contributions - Tax payable on TFSAs
Proposed TFSA Return, tax payable situations - Life events
Death of a TFSA holder, marriage or common-law partnership breakdown, leaving Canada - TFSA updates
View tax-free savings account updates, and administrative procedures.
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