TFSA: understand it before opening one

A savings account with tax-free growth — but it has rules.

Where to go

Any bank or financial institution.

What to bring

• A valid SIN
• ID

What to do, step by step

1. Confirm you’re a tax resident, 18 or older, with a SIN.
2. Contribution room starts from the year you became a resident.
3. Calculate your room before depositing — over-contributions are penalized.
4. Ask what the account holds: cash, deposits, shares…

Note: a TFSA is an account type; whether it earns interest depends on the product inside. Consult a financial professional, and a Sharia adviser if you wish.