Tax-Free Savings Account annual information return
A TFSA annual information return consists of both the TFSA individual records and the TFSA return summary. You have to fill out a return for each TFSA identification number under which one or more TFSAs exist at any time in the year. Once a TFSA is opened, an individual record must be filed, regardless of activity in the account. The information (data elements) required in order for us to process each of these forms is described in TFSA data elements
Note
If a record is filed in one year indicating that a TFSA was opened, we will expect to receive a record for the same TFSA in each year until such time as a record is filed with an indication that the account was closed in the year.
Do not prepare a TFSA individual record if the TFSA was reported as closed in the previous year’s TFSA annual information return. We do not consider a TFSA to have been closed just because there are no funds in the account or there has been no activity during the reporting year, or both.
Note
Once a TFSA is reported as closed, you cannot reopen it.
The TFSA individual record
The TFSA individual record is used to report the information as listed in Appendix A – Data elements – TFSA individual electronic record.
The TFSA return summary
The TFSA return summary is used to report the totals of the amounts you reported on all the related TFSA individual records under the TFSA identification number. The totals have to agree with the amounts you reported in the TFSA individual records. Any discrepancies will cause the TFSA annual information return to be rejected.
Before completing the TFSA return summary, see Appendix B – Data elements – TFSA return summary.
For more information, see Filing by Internet file transfer (XML).
The information (data elements) required in order for us to process each of these forms is described in Appendix A and Appendix B respectively.
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Appendix A - Data elements - TFSA individual electronic record
When a monetary value is required, you must report the amount in Canadian dollars and cents. For more information, go to Income Tax Folio S5-F4-C1, Income Tax Reporting Currency. You must make reasonable efforts to determine the fair market value (FMV) when it is required to be reported. Do not report negative values, as negative values on the TFSA electronic record will result in the record being rejected.
Required transaction data for a TFSA individual electronic record TFSA Transaction Data Comments Transaction date – year-month-day Enter all numeric characters (for example 2022-09-28).
You must enter the transaction date of each individual transaction.TFSA contribution amount Each contribution must be detailed by day from January 1 to December 31. TFSA withdrawal amount Each withdrawal must be detailed by day from January 1 to December 31. Marriage breakdown transfer out – FMV To be reported by the issuer that does the actual transfer out. Marriage breakdown transfer in – FMV To be reported by the issuer that does the actual transfer in. Surname of former spouse or common-law partner Enter only the former spouse or common-law partner’s surname (maximum of 30 letters). Omit titles, such as Mr. or Mrs., and do not include the first given name or initials. Do not use French accents. If it is a compound name, do not use a hyphen or space.
The surname you provide must match the surname contained in our database for that SIN. You may want to advise your client that if they make a surname change, they have to inform both the CRA and the TFSA issuer.Given name of former spouse or common-law partner Enter only the former spouse or common-law partner’s first given name (maximum of 30 letters). If only the initials are available, provide the first initial. Do not use French accents. If it is a compound name, do not use a hyphen or space. Social insurance number (SIN) or temporary tax number (TTN) of former spouse or common-law partner Provide the SIN or the individual’s TTN. If the field is left blank or contains an invalid SIN or TTN, the submitted return or individual record will be rejected.
A valid SIN does not start with the number 0.
A valid TTN for TFSA contributions starts with the number 01 or 03.
All 900-series SINs have an expiry date. At the time the arrangement is entered into, you must validate the SIN’s expiry date for this client. If at that time the date is expired, the client is not allowed to open a TFSA. A TFSA remains valid even when a 900-series SIN expires after the arrangement is entered into but before the issuer files the TFSA annual information return.
A 900-series SIN is issued to an individual who is neither a Canadian citizen nor a permanent resident. These individuals need a SIN for employment purposes, or to comply with other authorized uses, such as income tax filing. Holders of these SINs include temporary foreign workers and refugee claimants.
Acquisition of non-qualified investment – FMV This refers to situations where a non-qualified investment is acquired or a qualified investment became non-qualified. Withdrawal of non-qualified investments – FMV This refers to situations where a non-qualified investment is disposed of or a non-qualified investment became qualified. Required identification data for a TFSA individual electronic record TFSA Identification Data Comments Business number (BN) 15 alphanumeric characters – 9 digits – RZ – 4 digits.
Example: 123456789RZ0001. The BN must correspond to the “business number (BN)” on the related TFSA summary record.
TFSA identification number 8 numeric characters which must correspond to the TFSA identification number on the related TFSA summary record. If this field is left blank or the number is not valid, the return will be rejected. TFSA contract number Maximum of 30 alphanumeric characters. The TFSA contract or account number issued by the issuer to the TFSA holder.
Assign a unique identifier number to each TFSA under the same TFSA identification number. This will ensure that we can identify the original individual record when any amended individual record is received. In addition, it will enable the issuer to identify which record in the submission was rejected. Make sure to provide this account number in the same format every year to avoid any rejects.
If this field is left blank or the number is not unique, the return will be rejected.
TFSA holder social insurance number (SIN) or temporary tax number (TTN) Provide the SIN or the individual’s TTN. If the field is left blank or contains an invalid SIN or TTN, the return or individual record will be rejected.
A valid SIN does not start with the number 0.
A valid TTN for TFSA contributions starts with the number 01 or 03.
All 900-series SINs have an expiry date. At the time the arrangement is entered into, you must validate the SIN’s expiry date for this client. If at that time the date is expired, the client is not allowed to open a TFSA. A TFSA remains valid even when a 900-series SIN expires after the arrangement is entered into but before the issuer files the TFSA annual information return.
A 900-series SIN is issued to an individual who is neither a Canadian citizen nor a permanent resident. These individuals need a SIN for employment purposes, or to comply with other authorized uses, such as income tax filing. Holders of these SINs include temporary foreign workers and refugee claimants.
TFSA holder surname Enter only the holder’s surname (maximum of 30 letters). Omit titles, such as Mr. or Mrs., and do not include the first given name or initials. Do not use French accents. If it is a compound name, do not use a hyphen or space.
The surname you provide must match the surname contained in our database for that SIN. You may want to advise your client that if they make a surname change they have to inform both the CRA and the TFSA issuer.
TFSA holder given name Enter only the holder’s first given name (maximum of 30 letters). If only the initials are available, provide the first initial. Do not use French accents. If it is a compound name, do not use a hyphen or space. TFSA holder initial Enter the initial of the holder’s second given name. TFSA holder address – line 1 Enter the first line of the TFSA holder’s address. TFSA holder address – line 2 Enter the second line of the TFSA holder’s address. TFSA holder city Enter the city in which the TFSA holder is located. TFSA holder province or territory code Enter the Canadian province, territory or the state in the U.S.A. in which the TFSA holder is located.
Use the abbreviations listed in the T619, Electronic Transmittal record, under the section “Transmitter province or territory code.”
When the TFSA holder’s country code is neither CAN nor USA, enter ZZ in this field.
TFSA holder country code Use the alphabetic country code (3 alpha characters), as outlined in the International Standards Organization (ISO) 3166, Codes for the representation of names of countries and their subdivisions.
Always use CAN for Canada, and USA for the United States of America.
TFSA holder postal code Enter the TFSA holder’s Canadian postal code, in a alpha numeric sequence (for example: A9A9A9) or the USA zip code. Where the country code is neither CAN nor USA, enter the foreign postal code (maximum 10 alphanumeric characters). TFSA holder date of birth –
year-month-dayEnter all numeric characters (for example 1991-09-28). TFSA holder date of death – year-month-day Enter all numeric characters (for example 2022-09-28). Fill out this field in the year of death of the last holder. If the account has a successor holder, do not report the date of death in this field. See the field "Successor holder account: Y or N". TFSA holder FMV at time of death Fill out this field for the year of death of the last holder. If the account has a successor holder, do not report the FMV at death.
Example
In 2022, John Smith opened a TFSA, account number 12345. Jane Smith, his wife, is named the successor holder of this TFSA. John dies in 2023.For reporting year 2022, file the individual record under John’s name and SIN for TFSA contract 12345, and indicate “N” for no in the “Successor holder account” field.
For reporting year 2023, file the individual record for the TFSA account number 12345 with all the transactions under Jane’s name and SIN. Indicate "Y" for yes in the “Successor holder account” field and provide John’s name, SIN, and date of death.
Do not file an individual record for John for the year of death.
The individual record submitted for Jane will not include the FMV at death. Under this TFSA account number 12345, you will complete the FMV at death and the date of death only when the last holder dies.
In subsequent years, do not answer yes or provide the deceased’s information. However, if you do answer yes then you will have to provide the deceased’s information as well. If you answer yes but do not provide the deceased’s information, or you answer no but you provide the deceased’s information, it will cause the record to be rejected.
New TFSA account this year for this holder: Y or N
Each time an arrangement is entered into, the TFSA issuer is required to file an election to register the arrangement as a TFSA under the SIN or TTN of the holder. Also, to register this arrangement the election must be filed before the month of March after the end of the year that the arrangement was entered into.
Identifying new accounts is an important step in processing individual records.
The only time "Y" for yes would show in this field is when you file a TFSA contract or account number for the first time. For other years, indicate "N" for no. If the holder dies in a year subsequent to the year of election and there is a successor holder, this field should still show “N” for no.
TFSA account closed this year: Y or N Enter “Y” for yes and provide the closing date if the account was closed during the year. Once an account is closed, the TFSA contract or account number cannot be re-used under the particular TFSA identification number because of the unique identifier requirement.
If the holder has withdrawn all funds from an account in the previous year and there is no activity in that account throughout the current year, we consider the account to still be open. You would still have to file an individual record for each year for this TFSA contract or account number.
TFSA close date – year-month-day Enter all numeric characters (for example 2022-09-28). Successor holder account: Y or N If, in the year of the holder’s death, a successor holder exists at the time of death, indicate "Y" for yes. You will be required to provide the name, SIN, and date of death of the holder.
When an excess TFSA amount exists, that amount will be deemed a contribution made by the successor holder at the beginning of the month following the month in which the holder dies. Do not report that deemed contribution on the individual record. The CRA will update the successor holder file.
In subsequent years, do not answer yes or provide the deceased’s information. However, if you do answer yes then you will have to provide the deceased’s information as well. If you answer yes but do not provide the deceased’s information, or you answer “N” for no but you provide the deceased’s information, it will cause the record to be rejected.
See the example under TFSA holder FMV at time of death.
Surname of deceased holder Enter only the deceased holder’s surname (maximum of 30 letters). Omit titles, such as Mr. or Mrs., and do not include the first given name or initials. Do not use French accents. If it is a compound name, do not use a hyphen or space.
The surname you provide must match the surname contained in our database for that SIN. You may want to advise your client that if they make a surname change they have to inform both the CRA and the TFSA issuer.
Given name of deceased holder Enter only the deceased holder’s first given name (maximum of 30 letters). If only the initials are available, provide the first initial. Do not use French accents. If it is a compound name, do not use a hyphen or space. Initial of deceased holder Enter the initial of the deceased holder’s second given name. Social insurance number (SIN) or temporary tax number (TTN) of deceased holder Provide the SIN or the individual’s TTN. If the field is left blank or contains an invalid SIN or TTN, the return or individual record will be rejected.
A valid SIN does not start with the number 0.
A valid TTN for TFSA contributions starts with the number 01 or 03.
All 900-series SINs have an expiry date. At the time the arrangement is entered into, you must validate the SIN’s expiry date for this client. If at that time the date is expired, the client is not allowed to open a TFSA. A TFSA remains valid even when a 900-series SIN expires after the arrangement is entered into but before the issuer files the TFSA annual information return.
A 900-series SIN is issued to an individual who is neither a Canadian citizen nor a permanent resident. These individuals need a SIN for employment purposes, or to comply with other authorized uses, such as income tax filing. Holders of these SINs include temporary foreign workers and refugee claimants.
TFSA deceased holder date of death – year-month-day Enter all numeric characters (for example 2022-09-28). Fill out this field when you answer "Y" for yes to “Successor holder account: Y or N.” Calendar year-end FMV You must fill out this field for each year the account is open even if there is no activity throughout the year and/or the value is nil. The FMV cannot be negative. Total number of transaction records Enter the total number of transaction records included in this slip. Total holder contributions Enter the total of all contributions. Total holder withdrawals Enter the total of all amounts withdrawn. Total holder transfer out – Marriage breakdown – FMV Enter the total of all transfers out. Total holder transfer in – Marriage breakdown – FMV Enter the total of all transfers in. Report type code Original = O
Amendment = A
Cancelled = C
An amended return cannot contain an original slip. An original return cannot contain an amended or cancelled slip. -
Appendix B - Data elements - TFSA return summary
When a monetary value is required you must report the amount in Canadian dollars and cents. For more information, see Income Tax Folio S5-F4-C1, Income Tax Reporting Currency. You must make reasonable efforts to determine FMV when it is required to be reported. Do not report negative values, as negative values on the TFSA electronic record will result in the record being rejected.
Required data elements for a TFSA return summary Field names Comments Business number (BN) 15 alphanumeric characters – 9 digits – RZ – 4 digits
Example: 123456789RZ0001
In order to process a return, the complete BN is required.
Summary type code Original = O
Amendment = AAn amended return cannot contain an original slip. An original return cannot contain an amended or cancelled slip.
Reporting year Enter the tax year: 4 numeric characters (for example 2022).
Make sure that the year you enter is the same as the year on the transaction dates of the individual records.
TFSA identification number 8 numeric characters.
A TFSA identification number is the number we assign to each specimen that has been accepted by the Registered Plans Directorate. For more information, go to Registered plans administrators, and select “Tax-Free Savings Account administration.”
Total number of TFSA slips Enter the total number of transaction records included in this summary. Maximum of 7 numeric characters. Filer name – line 1 If an ampersand (&) is used in the name area, enter as “&.” Maximum of 35 alphanumeric characters. Filer name – line 2 Maximum of 35 alphanumeric characters. Filer name – line 3 Use this line for “care of” or “attention.” Maximum of 35 alphanumeric characters. Filer address – line 1 Maximum of 30 alphanumeric characters. Filer address – line 2 Maximum of 30 alphanumeric characters. Filer city Maximum of 28 alphanumeric characters. Filer province or territory code Enter the Canadian province, territory or the state in the U.S.A. in which the filer is located.
Use the abbreviations listed in the T619, Electronic transmittal record, under the section “Transmitter province or territory code.”
When the TFSA holder’s country code is neither CAN nor USA, enter ZZ in this field.
Filer country code Use the alphabetic country code (3 alpha characters), as outlined in the International Standards Organization (ISO) 3166, Codes for the representation of names of countries and their subdivisions.
Always use CAN for Canada, and USA for the United States of America.
Filer postal code Enter the TFSA filer’s Canadian postal code, format: alpha, numeric (for example: A9A9A9) or the USA zip code. Where the country code is neither CAN nor USA, enter the foreign postal code (maximum 10 alphanumeric characters). Contact surname Enter only the contact’s surname (maximum of 30 letters). Omit titles, such as Mr. or Mrs., and do not include the first given name or initials. Do not use French accents. If it is a compound name, do not use a hyphen or space. Contact given name Enter only the contact’s first given name (maximum of 30 letters). If only the initials are available, provide the first initial. Do not use French accents. If it is a compound name, do not use a hyphen or space. Contact telephone number Enter 3 numeric characters with a hyphen (-) followed by 3 numeric characters with a hyphen (-), followed by 4 numeric characters. Contact extension number Maximum of 5 numeric characters. Contact email address Maximum of 60 alphanumeric characters. Enter the contact’s email address. This is the only way we will advise you that information has been posted on My Business Account, which will indicate the status of the TFSA annual information return and the individual records being rejected. If you are the representative, use the Represent a Client service. Total contributions amount Enter the total amount of all contributions. Total withdrawals amount Enter the total amount of all withdrawals. Total calendar year-end FMV Enter the total FMV. The FMV must also include the FMV of accounts that had no activity during the year. Total transfers out – marriage breakdown amount Enter the total amount of transfers out as a result of marriage breakdown, if applicable. Total transfers in – marriage breakdown amount Enter the total amount of transfers in as a result of marriage breakdown, if applicable.
To register the arrangement as a TFSA, under the SIN or TTN of the holder and to register this arrangement, the election must be filed before the month of March after the end of the year that the arrangement was entered into. A TFSA identification number is the number we assign to each specimen that has been accepted by the Registered Plans Directorate.
Failure to resubmit an amended record in the case of a TFSA opened during the reporting year may result in the account not being registered as a TFSA and the client being subject to tax on the investment earnings.
Failure to resubmit an amended record, whether or not the TFSA was opened in the reporting year, can also affect the calculation and notification of an individual's TFSA contribution room.
Note
A rejected record is an individual record that has failed our validations but has been stored in our database. It is a record for which none of the data was used in any calculations and for which we are expecting an amended record.
For a complete list of all error codes and descriptive messages for TFSA rejected individual records, go to Error codes and descriptive messages for TFSA rejected individual records.
You have to file the TFSA annual information return by the last day of February following the calendar year to which the TFSA annual information return applies. If the last day of February is a Saturday or Sunday, your TFSA annual information return is due the next business day.
If you discontinue your business or activity, you have to file a return for the year or part-year no later than 30 days after the date the business or activity ended.
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