In this article, we provide information on what a TFSA is, how to open a TFSA account and what the tax implications are.
Government of Canada's TFSA information hub
Toll Free helpline: 1-800-959-8281
Basics:
What is a TFSA?
Types of TFSAs
Who can open a TFSA?
How to open a TFSA
Contributions:
Contributing to a TFSA
Contribution room by year
Where to find your contribution room
Types of investments permitted
Withdrawals
Making withdrawals from a TFSA
Replacing withdrawals
Taxation:
Impact of withdrawals on government benefits
Tax payable on withdrawals
Tax payable on excess contributions
Tax payable on prohibited investments
Useful Links:
Comparison between TFSA and RRSP
Advantages of a TFSA
Limitations of a TFSA
Death of a TFSA holder
You can open a TFSA with a bank such as TD Canada Trust, a DIY investment platform like WealthSimple. If you prefer to take the help of an investment advisor, you can reach out to us on our Services page and we will be happy to introduce you to one.