Any individual who meets all of the following three requirements is eligible to open a TFSA:
There is no maximum age limit to open or hold a TFSA and a person may hold more than one TFSA.
Contributions to your TFSA may only be made by you, the holder, and the amount is not tied to your income sources or levels.
It is also important to note that any unused contribution room will accumulate each year and any unused room is carried forward indefinitely allowing you to catch up in a future year!
Please feel free to touch base with us for any further questions or strategies to optimize your own TFSA.
All TFSA contributions made during the year, including the replacement or re-contribution of withdrawals made from a TFSA, will count against your contribution room.