Getting Started

TFSAs

Who is eligible for a TFSA brokerage account?

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.

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Can I open a TFSA in joint name?

No. TFSA accounts can only be opened in one individual’s name.

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What types of investments are allowed in a TFSA?

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.

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How do I make a withdrawal?

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.

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Can I make ‘in-kind’ contributions?

Yes, as long as the in-kind property is a qualified investment. This will be processed at the previous day’s closing price. Contact a Credential Direct representative for assistance.

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Can I make ‘in-kind’ withdrawals?

Yes, these will be processed at fair market value at the time of withdrawal. Contact a Credential Direct representative for assistance.

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What is the tax penalty if an investment in the TFSA becomes non-qualified?

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.

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Where do I find more information on the TFSA?

Visit the TFSA section of the Government of Canada’s website for more information.

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How much can I contribute?

Please visit the Canada Revenue Agency (CRA) website for the current contribution limit and the contribution room guidelines.

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