What makes a TFSA different from an RRSP?
Excess contributions are subject to similar penalties as RRSPs (1% a month starting with the first dollar of excess contribution). • Income is not required to contribute to a TFSA • You can contribute to your spouse or common-law partner’s TFSA without affecting your contribution limit • There is no requirement to convert a TFSA into a payment option at any age (i.e.
