Accounting International Marketable Securities Standard

The tax free savings account (TFSA) for Canadians was introduced in January 2009. It is a registered vehicle for general savings. Eligible Canadians can save by not paying tax on any of the income generated by their investments within the TFSA.

Who is Eligible to Contribute to the Canadian TFSA?

Any Canadian resident ages 18 and over can contribute to a tax free savings account. One does not need to be employed to do so but one does need a valid Social Insurance Number (SIN). Persons under the age of 18 are eligible to start contributions during the month that they turn 18.

How to Set Up or Open a Tax Free Savings Account in Canada

Banks, credit unions, and certain other financial service providers are able to set up a tax free savings account for a qualifying individual. They will require identifying information plus a valid Social Insurance Number. TFSA contribution room accumulates every year one is 18 or older and resident of Canada throughout the year. One does not have to actually set up an account in order to earn contribution room. However, there will be no tax benefit without one.

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