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.See this answer on its own page
Can I open a TFSA in joint name?
No. TFSA accounts can only be opened in one individual’s name.See this answer on its own page
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.See this answer on its own page
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.See this answer on its own page
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.See this answer on its own page
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.See this answer on its own page
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.See this answer on its own page