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 both of the following:

  1. Contact your financial institution, credit union, or insurance company (issuer).
  2. 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 could ask for supporting documents.


If you do not provide this information or provide incorrect information to your issuer, the registration of your TFSA can be denied. If your TFSA is not registered, any income that is earned will have to be reported on your income tax and benefit return.

Types of TFSAs

There are three types of TFSAs that can be offered:

  • a deposit
  • an annuity contract
  • 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.

Self-directed TFSA

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.

Report a problem or mistake on this page
Please select all that apply:

Thank you for your help!

You will not receive a reply. For enquiries, contact us.

Date modified: