1 / You can hold a variety of investment products in a TFSA.

2 / TFSAs are appropriate for both short-term and long-term financial goals.

3 / Any Canadian resident who is 18 years of age or older and has a valid social insurance number can open a TFSA.

4 / There is an annual contribution limit, which as of 2023 is $6,500, and unused contribution rooms can be carried forward for use in subsequent years.

5 / You can withdraw funds at any time without tax penalties.

6 / Any amounts withdrawn may be re-contributed in a subsequent year without reducing available contribution room.

7 / A spouse may make contributions to their partner’s TFSA.