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
What is a TFSA?
Types of TFSAs
Who can open a TFSA?
How to open a TFSA
Contributing to a TFSA
Contribution room by year
Where to find your contribution room
Types of investments permitted
Making withdrawals from a TFSA
Impact of withdrawals on government benefits
Tax payable on withdrawals
Tax payable on excess contributions
Tax payable on prohibited investments
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.