A TFSA is a government-registered account that allows you to grow your savings tax-free, whatever your annual income. You pay no tax on interest, income, or withdrawals.
$500 minimum withdrawal
A minimum deposit of $1,000 is required when you open a TFSA. The minimum withdrawal amount is $500 and you can withdraw funds at any time.*
* Depending on the investment vehicle selected. Certain products, such as guaranteed investment certificates (GICs), can only be redeemed at specific times.
Age of majority in the province or territory where you live
TFSAs are offered to all Canadian residents who have reached the age of majority* and have a valid social insurance number (no maximum age).
* You begin earning contribution room from age 18, regardless of the age of majority in your province or territory.
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