Opening a TFSA
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Who can open a TFSA
Individuals who want to save and invest their money tax-free may open a Tax-free Savings Account (TFSA). You do not need to have earned income to open or contribute to a TFSA.
To open a TFSA, you must meet all the following conditions:
- Be a resident of Canada for income tax purposes
- Be 18 years of age or older
- Have a valid Social Insurance Number (SIN)
In some provinces and territories, you must be at least 19 years of age to enter a contract (such as a TFSA). In this case, after the individual turns 19, they may open a TFSA and carry over the contribution room of the year they turned 18.
If you do not already have a CRA account, we recommend you register for one. Adding My Account to your CRA account and signing up for email notifications will allow us to contact you more easily if there are any issues with your contributions.
For more information:
If you are a new resident
As a new resident of Canada, you may open a TFSA starting on the day you become a resident if you are 18 years of age or older. However, your contribution room only begins to accumulate in your year of residency (not the year you turn 18).
For more information: How contribution room accumulates
If you are a non-resident
The TFSA is designed for individuals who are residents of Canada. As a non-resident, you may hold a TFSA if you are 18 years of age or older and have a valid Social Insurance Number (SIN), but you cannot contribute to it tax-free.
For more information: How non-residency affects your TFSA
How to open a TFSA
Banks, insurance companies, credit unions and trust companies can all issue TFSAs with different savings and investment options.
For more information: Different types of TFSA
To open a TFSA:
- Contact a TFSA issuer
- Provide them with:
- Your Social Insurance Number (SIN)
- Your date of birth
- Other supporting documents, as requested
Your issuer may then register your qualifying arrangement with the Government of Canada as a TFSA.
Provide accurate and complete information
The issuer can deny your TFSA registration if you provide inaccurate or incomplete information. If your TFSA is not registered, any income it earns is taxable and must be reported on your Income Tax and Benefit Return.
How to close a TFSA
You may close your TFSA if you no longer wish to have it. If your TFSA is locked into an investment for a specific period of time, you may need to discuss options with your issuer and they may charge a penalty or fee for closing the account.
To close a TFSA:
- Contact your TFSA issuer
- Withdraw all remaining funds
- Request the account be closed
Any funds you withdraw are tax-free as long as there are no excess amounts, non-resident contributions or non-permitted investments in the account.