Can a corporation hold a Tax Free Savings Account (TFSA)?
Legislation provides that an individual (other than a trust) who is resident in Canada and 18 years of age or older would be eligible to establish a TFSA. S. 248 of the Income Tax Act defines an individual as a person other than a corporation. Thus, a corporation may not be eligible establish a TFSA. Q: What slips are associated with a TFSA? A: At this time the only form that has been provided for a TFSA is Form RC236 Application for a TFSA (Tax-Free Savings Account) Identification Number. This form is for use by the issuers of a TFSA. No forms have been announced for use by individuals. CRA has announced that it will provide taxpayers the amount of the available TFSA contribution room each year on their Notice of Assessment, based on information provided by the issuers of the TFSA. CRA has also indicated that taxpayers will have to file returns in order to establish their contribution room. In addition, the CRA has provided details of the information that TFSA issuers must provide eac
