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Tax-Free Savings Account (TFSA) for Individuals

A Tax-Free Savings Account is a new way for residents of Canada to set money aside, tax-free, throughout their lifetimes.

Contributions to a TFSA and the interest on money borrowed to invest in a TFSA are not tax deductible. The income generated in the TFSA is tax-free when withdrawn.

Financial institutions should consult Registered Plans.

What's new for TFSAs

On October 16, 2009, the Honourable Jim Flaherty, Minister of Finance, proposed amendments to the Income Tax Act to strengthen the rules applicable to Tax-Free Savings Accounts (TFSAs). Details of the proposed technical changes are available on the Department of Finance Web site.

Topics about Tax-Free Savings Account (TFSA) for Individuals

Who is eligible
Find out if you are eligible to invest in a TFSA.		 Contributing to a TFSA
Explains the criteria for contributing to a TFSA, the TFSA dollar limit, the TFSA contribution room, the impact of a TFSA on your income-tested benefits, excess contributions and self-directed TFSAs.
How to set-up a TFSA
What is needed to establish a TFSA.		 Making withdrawals
What happens when you make withdrawals from your TFSA.
Types of investments allowed in the TFSA Which investment vehicles are allowed in a TFSA. Termination of a TFSA
Situations when a TFSA ceases to exist.
Transfers
Transfers from one TFSA to another, marital or common-law partnership breakdown, or upon death of the TFSA holder.		 Death of a TFSA holder
Tax and other implications when a TFSA holder dies.
Non-residents of Canada
Tax implications to a TFSA when not a resident of Canada.		 Taxation of a TFSA
Describes different situations when a TFSA is taxable, when to file the return and how to pay the taxes owed and when we may issue a refund of the taxes paid.
Questions and answers
Frequently asked questions and answers.

Forms and Publications

Date Modified: 2009-10-23

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