Everything you need to know about TFSAs
The TFSA was introduced by the Canadian government in 2009 to help Canadians accumulate wealth by investing and saving on taxes. Canadian residents who are 18 and older with a valid Social Insurance Number (SIN) can easily set up an account.
While some think a TFSA is simply a savings account, TFSA are an incredibly versatile investment account. You can build and diversify a portfolio by investing in TFSA-eligible investment products:
For a full list of eligible investments, visit the CRA
Take matters into your own hands. Build your own investment portfolio with a self-directed account and save on fees. Make your money work harder.
No, it’s your money. You can move your TFSA anywhere you want.
You can have as many TFSA accounts as you wish, but your total contributions cannot exceed your total contribution limit.
If you over-contribute to your TFSA, you'll face a penalty of 1% per month on the excess contribution.