Can I open more than one tfsa?

[andrew999929]

hi. I just landed in Canada as a pr. Can I open a tfsa at rbc and another tfsa at a broker firm for trading ? I heard it was allowed as long as both TFSAs don’t exceed 5500 cad for the first year. Just wanted to confirm? Is it also true that i can’t open a tfsa if I’m not staying for 6 months or more in Canada for the calendar year?

 

[canuck78]

No only one TFSA. In order for it to be tax free savings you have to be paying taxes. Instead of asking all these basic questions on the forum you can google all your questions

 

[canuck_in_uk]

hi. I just landed in Canada as a pr. Can I open a tfsa at rbc and another tfsa at a broker firm for trading ? I heard it was allowed as long as both TFSAs don’t exceed 5500 cad for the first year. Just wanted to confirm? Is it also true that i can’t open a tfsa if I’m not staying for 6 months or more in Canada for the calendar year?

You can open as many TFSA accounts as long as you don't exceed your contribution room.

There are specific rules regarding TFSAs and non-residents. You should do some research or speak to a financial advisor.

 

[canuck_in_uk]

No only one TFSA. In order for it to be tax free savings you have to be paying taxes. Instead of asking all these basic questions on the forum you can google all your questions

A person can have multiple TFSAs and paying taxes is not a requirement for having a TFSA.

 

[canuck78]

You can open as many TFSA accounts as long as you don't exceed your contribution room.

There are specific rules regarding TFSAs and non-residents. You should do some research or speak to a financial advisor.[/QUOT

Misread and thought that it said that each = exceed $5500 and also meant you need to be a tax resident to be able to contribute. Should be careful about my wording. No real point of multiple TFSAs at different banks in small increments.

 

[Investocrat]

As others have mentioned, you can open as may TFSA accounts as you wish and you do not need to be paying any taxes. However, you will need to be considered a resident of Canada to qualify for the annual contribution room.

Here's are some TFSA resources that may come in useful:

Contribution room over the years (2009-2018):
https://www.savvynewcanadians.com/tfsa-annual-limit-contribution-room-penalties-2018/

How To Transfer Your RRSP Between Banks (if you need to):
https://www.savvynewcanadians.com/transfer-rrsp-tfsa-resp-rrif-between-banks/

Penalties for overcontributing to your TFSA:
https://www.savvynewcanadians.com/tfsa-overcontribution-penalty/

Designating beneficiaries for your TFSA:
https://www.savvynewcanadians.com/designating-tfsa-beneficiary/

Sample Ways To Invest Your TFSA:
https://www.savvynewcanadians.com/5-ways-to-invest-in-your-tfsa/

Hope you find them useful.
Cheers!

hi. I just landed in Canada as a pr. Can I open a tfsa at rbc and another tfsa at a broker firm for trading ? I heard it was allowed as long as both TFSAs don’t exceed 5500 cad for the first year. Just wanted to confirm? Is it also true that i can’t open a tfsa if I’m not staying for 6 months or more in Canada for the calendar year?