|As of age 18 |
No maximum age
|No minimum age1|
No later than the year you turn 71.
|$5,000 per civil year from 2009 to 2012, $5,500 since 2013, then indexed to inflation in increments of $500 as per CPI2||$24,270 for 2014, indexed to growth in Average Wage|
|Equal to dollar limit||18% of income, up to dollar limit|
Contribution tax deductible
Investment income taxable
Impact of withdrawals on income-tested government benefits and tax credits
|None||Yes, since it is added to income.|
Creates contribution room as a result of withdrawals (it is possible to "re-contribute" the amounts withdrawn)
|Yes, equivalent to the withdrawal amount (as of the year following withdrawal)||No|
Contribution to spouse's account
|No, but it is possible to give money to one's spouse (as a gift) so that he or she can conrtibute to his or her own TFSA||Yes|
Tax upon death
|No (fair market value at the date of death).||Yes, subject to the exemptions applicable to the spouse and dependent children and grand-children|
Eligible savings products
Term investments (excluding the Non-Redeemable Term Investment) Guaranteed Investment Funds (Helios2TM)
Market-linked term investments - Guarantee Advantage.
Guaranteed Investment Funds (Helios2TM)
Market-linked term investments -Guarantee Advantage.
| ||Find out more about the TFSA||Find out more about the RRSP|
The information contained in this table is taken from and adapted from information provided by the Department of Finance Canada, 2012
1 Have reached the minimum authorized age to own a contract in Canada. The legal age in Quebec is 16 and the legal age in the Canadian provinces is 18.
2 Consumer Price Index.
3 Investment income is taxable when withdrawn.