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Tax-Free Savings Account FAQ's
Any Canadian resident who has reached the age of majority (18 or 19 depending on their province of residence) and has a Social Insurance Number.
No. TFSA accounts can only be opened in one individual’s name.
Generally speaking, the types of investments permitted in a TFSA are the same as those permitted in a registered retirement savings plan (RRSP). This includes: mutual funds, securities listed on a designated stock exchange, GICs, and bonds.
Withdraw money from your TFSA anytime by accessing the Funds Transfer section of the trading platform. Funds transferred out will go directly into your bank account.
Yes, as long as the in-kind property is a qualified investment. This will be processed at fair market value at the time of the contribution. Contact a Credential Direct representative for assistance.
Yes, these will be processed at fair market value at the time of withdrawal. Contact a Credential Direct representative for assistance.
If property that is considered a ‘non-qualified investment’ is acquired or held in a TFSA, a tax of 50% of the fair market value of the property will be assessed by the CRA. Credential Direct will report the fair market value totals to the CRA and the affected client would file a corresponding TFSA return to pay the appropriate tax amount.
Visit the TFSA section of the Government of Canada’s website for more information.
The contribution limit for 2016 is $5,500, with unused contribution room carried forward to each subsequent year. The lifetime limit is $46,500.