Is a RBC direct investing account a TFSA?

Opening a TFSA through RBC Direct Investing™ allows you to take control of those tax-free savings with a diversified and granular investment portfolio.

You can create your setup or use one of their prebuilt models, like bonds for beginners; they're perfect if you want some help getting started but still need guidance on what types are best suited towards meeting specific goals in terms of risk tolerance levels, etc.

The variety available will be sure to fit any individual's needs, whether it may just supplement another asset class (like stocks), meet certain requirements specific.

Suppose you are a Canadian resident who has reached the age of 18. In that case, your SIN number and TFSA account with Canada Revenue Agency (CRA) can contribute financially. You can keep contributing as long as you like!

You can contribute up to $5,000 per year, and you don't need earned income for it. There's no tax deduction either, so be careful with those extra funds since they're subjecting to a penalty tax of 1% monthly until removed from the plan or withdrawn by the contributor.

TFSAs: The rules regarding who is eligible and how much one may contribute each calendar year remain complicated even though we just went through the last week! In short: if your spouse has died after contributing more than their limit, that money will still come back into their account automatically unless certain conditions apply, such as nominated beneficiaries (transferees).

You must take care of what type(s)of investment options are chosen and who you designate as a beneficiary.