WealthTFSA Quiz: how well do you know your Tax-Free Savings Account?
Answer the questions, then see your score and an explanation for each. No account needed.
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Frequently asked questions
Can I re-contribute to my TFSA after making a withdrawal?
Yes, but the withdrawn room is only restored on January 1 of the following calendar year. If you withdraw and re-contribute in the same year without sufficient room, you risk the 1%-per-month over-contribution penalty.
Will my TFSA affect my Old Age Security (OAS) in retirement?
No. TFSA withdrawals are not counted as income, so they do not factor into the OAS recovery tax (also known as the OAS clawback).
What happens to my TFSA if I leave Canada?
You can keep your TFSA open, but you no longer accumulate new contribution room for years when you are not a Canadian resident. Contributions made while a non-resident attract a 1%-per-month tax.
Can my spouse contribute to my TFSA?
Yes. Your spouse or common-law partner can contribute to your TFSA using your available room, without affecting their own room. Unlike an RRSP, there is no spousal TFSA — each account holder has their own account.