Any Canadian, 18 years or older can contribute to a TFSA.
Interest earned in a TFSA is NOT reported on your T5- Statement of Investment Income.
Contributions are NOT tax deductible.
Contributions can only be in the name of one owner.
Withdrawals of contributions and/or interest income are not taxable.
Withdrawals of contributions and/or interest income will increase the unused contribution room in the following calendar year. Re-contribution in the same year may result in an over-contribution amount, which is subject to a penalty tax.
Unused contribution room can be carried forward. If you don't contribute the maximum amount in a given year, you can carry forward your unused contribution room indefinitely.
Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA)