06/06/2026
Dear Bank Teller,
I would like to clarify the eligibility requirements for opening a TFSA account in Canada. A client on a valid work permit may qualify to open a TFSA as long as they:
1. Have a valid SIN number
2. Are you a resident for tax purposes in Canada
3. Are at least 18 years old
Permanent Resident (PR) status is not required to open a TFSA account. Many temporary residents and work permit holders legally qualify for TFSA accounts under CRA guidelines.
2009 — $5,000
2010 — $5,000
2011 — $5,000
2012 — $5,000
2013 — $5,500
2014 — $5,500
2015 — $10,000
2016 — $5,500
2017 — $5,500
2018 — $5,500
2019 — $6,000
2020 — $6,000
2021 — $6,000
2022 — $6,000
2023 — $6,500
2024 — $7,000
2025 — $7,000
2026 — $7,000
Total TFSA contribution room from 2009 to 2026: $113,000
The Tax-Free Savings Account (TFSA) was introduced by the Government of Canada in 2009 to help Canadians save and invest their money – tax-free – throughout their lifetime. This savings vehicle allows you to set money aside in a TFSA for any purpose, whether you are saving for your education, retirement, a home, or simply for a rainy day. The earnings made in your TFSA will generally not be taxed. You are in control of your TFSA, so you can make contributions and withdraw funds whenever you want without penalty; however, contributions can only be made if there is available contribution room.
My client has repeatedly requested the transfer of her TFSA account to our institution, but the request has been continuously ignored and delayed. The client even took time off work to personally follow up regarding the transfer request.
During the follow-up, the client was informed that she supposedly has “no TFSA room” and was “not allowed” to transfer or access the funds. However, based on the client’s eligibility and contribution history, she does have available TFSA contribution room.
It is also concerning that the transfer process appears to be more difficult than simply closing the account, despite the client clearly requesting a direct TFSA transfer. A direct transfer between financial institutions should not affect the contribution room when processed correctly.
In general, many clients feel that dealing with banks can sometimes be inconvenient when accessing or transferring their own money. I am not referring to all banks, but there have been multiple client complaints where incorrect or inconsistent information was provided, which caused confusion and delays.
Clear and accurate communication is very important, especially when handling client funds and accounts such as TFSA transfers.
At your service,
MV
