How to open a TFSA
You can have more than one TFSA at any given time, but the total amount you contribute to all your TFSAs cannot be more than your available TFSA contribution room for that year.
To open a TFSA, you must do the following:
- Contact your financial institution, credit union, or insurance company (issuer); and
- Provide the issuer with your social insurance number and date of birth so the issuer can register your qualifying arrangement as a TFSA. Your issuer may ask for supporting documents.
If you do not provide this information or provide incorrect information to your issuer, the registration of your TFSA may be denied. If your TFSA is not registered, any income that is earned will have to be reported on your income tax return.
Types of TFSAs
There are three types of TFSAs that can be offered:
- a deposit;
- an annuity contract; and
- an arrangement in trust.
Banks, insurance companies, credit unions and trust companies can all issue TFSAs.
For more information about a certain type of TFSA, contact a TFSA issuer.
You can set up a self-directed TFSA if you prefer to build and manage your own investment portfolio by buying and selling different types of investments. For more information, contact a TFSA issuer.
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