TFSA Fees/Maintenance Fee
No account maintenance fee.
Withdrawals out of TFSA are not subject to additional account specific charges and are only available in CAD.
Opening your TFSA Account
Existing eligible IB customers may open the TFSA as a linked account from Account Management. Under the heading of Manage Account, Add or Link Accounts, Create Linked Accounts, and TFSA as account type.
A customer must be a Canadian resident in order to open a TFSA
TFSA Account Contribution Limit
| Year |
Annual Contribution Limit |
| 2009 |
CAD 5000 |
| 2010 |
CAD 5000 |
| 2011 |
CAD 5000 |
| 2012 |
CAD 5000 |
| 2013 |
CAD 5500 |
| 2014 |
CAD 5500 |
| 2015 |
CAD 10000 |
| 2016 |
CAD 5500 |
| 2017 |
CAD 5500 |
| 2018 |
CAD 5500 |
| 2019 |
CAD 6000 |
Penalty of 1% per month would be assessed by CRA on excess contribution
TFSA Trading Permission
No trading on margin - all purchases must be paid in full in respective currencies; No account debit allowed. If needed, currency trade could be executed between USD & CAD.
Accounts are restricted to cash balances in CAD and USD.
TFSA is allowed to trade the following qualified investments:
- Stocks listed on designated US and Canadian exchanges (excluding Venture-NEX segment and CSE single listed stocks)
- Long equity call options
- Long equity put options
- Short equity call options with a fully covered position (covered call)
- Long equity put options with a fully covered position (protective put).
- Long put/call options on indices.
- Warrants/Rights if the underlying asset acquired under the right to purchase is a qualified investment.
- U.S. Bonds.
- FX conversions limited to USD/CAD
Account Insurance
A TFSA account is considered part of a customer’s general account for purposes of CIPF coverage. Therefore, a TFSA will be combined with other (Non-RSP) IB accounts eligible for $1 million coverage.
Successor Holder
A TFSA account holder can designate the spouse or common law partner as the successor holder of the account. This means that up the death of the original holder, the spouse/common law partner becomes the new account holder.
If the account holder chooses not to designate his or her spouse or common law partner as successor holder, then a beneficiary could be named.
Successor holder nomination is not available for QC based TFSA accounts.
