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Understanding TFSAs


Discuss the nature and purpose of tax-free savings accounts:

  • Purpose of a TFSA
  • Parties to a TFSA
  • Identifying the elements of a qualifying arrangement

Discuss the rules related to tax-free savings accounts:

  • Contribution and Withdrawal Rules
    • Calculate unused TFSA contribution room
    • Rules pertaining to excess TFSA amounts
  • Types of Investments
    • Types of investments that qualify for inclusion in a TFSA
    • Types of investments that are prohibited in a TFSA
  • Penalties
    • Penalties associated with holding prohibited investments in a TFSA
    • Penalty taxes pertaining to a TFSA
  • Transfers and Taxes
    • Rules pertaining to transfers between TFSAs
    • Rules pertaining to tax deductions and capital losses
    • How TFSAs affect the taxes of a non-resident
  • Closing a TFSA
    • Identify the conditions under which an arrangement ceases to be a TFSA
    • Explain what happens to a TFSA upon the death of its holder

Discuss the benefits to clients of tax-free savings accounts:

  • TFSAs and RRSPs
    • Compare the flexibility of a TFSA with that of an RRSP
    • How TFSAs can be used to supplement RRSP contribution room
    • How TFSAs and RRSPs can be used together to maximize the benefits of each
  • Other Benefits
    • Identify the types of investments that should be placed in a TFSA to maximize benefits.
    • Demonstrate how much money can accumulate tax-free within a TFSA.
    • Explain how a TFSA can be used to split income with a spouse or child.
    • Demonstrate how TFSA holders can avoid clawbacks to social security benefits.
Quiz Format Online
Question Format Multiple Choice
Questions Per Quiz N/A
Passing Grade 60%*
Attempts Allowed Unlimited*
Enrolment Period 6 months

* IMPORTANT: There is no maximum to the number of quiz attempts permitted, but only the first passing grade (60% or over) will appear on official web transcript.

Continuing Education (CE) Credits

Click the links below or the buttons at the top of the page on the right side to access CE accreditation information. To search for specific course information, press Ctrl + F and then enter the course name to search the document for the information you are interested in.

National/Provincial (Excluding Quebec)
Download CE Chart (PDF, 163 kb)

Quebec (IQPF/CSF)
Download IQPF/CSF Chart (PDF, 182 kb)

Please note: While CSI makes every effort to ensure that the information is up-to-date, we are unfortunately unable to fully guarantee its accuracy. The information listed in the charts above may be subject to change.

For details on the organizations and other information on CE Credits listed in the above charts, please click here.