how to open a tfsa
any person who is a resident of canada is age 18 or older and has a valid social insurance number is eligible to open a tfsa also you can have more than one tfsa at any given time but the total amount you contribute to all your tfsas cannot be more than your available tfsa contribution room for that year to start saving with a tfsa you may open a tfsa if you re not a canadian resident but any contribution made while still a non resident will be taxed at 1 per month until removed from the account tfsas vs rrspswhile a registered retirement savings plan rrsp account is specifically for retirement savings a tfsa can be used to save for anything the tax free savings account differs from a registered retirement account in two other main ways 