A TFSA is a registered account that allows Canadians to earn investment income and capital gains tax-free. Contributions are made with after-tax dollars, and withdrawals are tax-free. 

Your TFSA contribution room accumulates annually. The annual contribution limit is set by the government, and unused contribution room is carried forward indefinitely. You can find your contribution room on your Notice of Assessment from the Canada Revenue Agency. 

Yes, you can have multiple TFSAs, but your total contributions across all accounts cannot exceed your available contribution room. 

Absolutely! TFSAs are versatile and can be used for both short-term and long-term savings goals. Withdrawals are tax-free, providing flexibility for various financial objectives.

No, contributions to a TFSA are not tax-deductible. However, the growth and withdrawals from the TFSA are tax-free. 

Yes, TFSAs offer flexibility, allowing you to withdraw funds at any time for any purpose without incurring taxes. 

Overcontributions are subject to a penalty tax of 1% per month on the excess amount. It's important to monitor your contribution room to avoid penalties. 

No, withdrawals from a TFSA increase your contribution room in the following calendar year. This means you can recontribute the amount of the withdrawal in addition to your regular contribution limit. 

Yes, TFSAs offer a wide range of investment options, including stocks, bonds, mutual funds, GICs, and more. Diversify your investments based on your financial goals and risk tolerance. 

No, there is no age limit for contributing to a TFSA. Whether you're in your twenties or enjoying retirement, TFSAs remain a valuable financial tool.