Who Can Open A Tax Free Savings Account?

TFSA Information-Who Can Open A Tax Free Savings Account|What Are The Requirements?

Who can open a tax free saving account in Canada?

To be eligible to open a tax free savings account or TFSA for short, you have to meet the following Requirements according to the TFSA information that was brought into law on January 1, 2009.

You need to be a resident of Canada.

You have to be 18 years of age or older.

You must have filed at least one income tax return or establish some other means that is acceptable to the Canada Revenue Agency.

And you must also provide your Social Insurance Number when opening an account.

Also, according to the TFSA information released by the Federal Government you can open an account for your spouse or common law partner and contribute to it.

It will not count against your contribution limit because in essence all you are doing is giving money to your partner to contribute into their own plan.

You do not need to have any income to open an account.

TFSA assets can be transferred tax-free to your spouse or common law partner upon death.

For every day that money is not transferred after date of death, earnings earned from that point forword are taxable.

So make sure this matter is taken care of when setting up your account so that the transfer happens without any tax consequences to the surviving spouse.

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