Interest is calculated on the daily closing balance and is paid into your account monthly. Rates subject to change.
You can access money from your TFSA anytime without penalty and recontribute (up to your personal TFSA contribution room, the following year or in future years)
Every year, when you file your tax return, the government will calculate your tax-free savings contribution room for the next year (just like an RRSP)
If there’s any unused contribution room, it’s carried forward so that you can use it later
You can have multiple TFSAs at different institutions (just make sure you know how much you’ve contributed because your contribution room includes all TFSAs you have)
TFSA contribution room is made up of: annual TFSA dollar limit, withdrawals made in the previous year, and unused contribution room (Withdrawals to correct over-contributions are not included in the next-year’s contribution room)
You don’t need to close your account when you reach a certain age