News Update

Tax-free Savings Account (TFSA)

Application Package - Approval Process

Before filing an election to register an arrangement as a tax-free savings account (TFSA), the issuer of the arrangement has to get a TFSA identification number. To get a number, the issuer has to complete Form RC236 Application for a Tax-free Savings Account Identification Number and send the form as part of the issuer's application package to the Registered Plans Directorate at the Canada Revenue Agency (CRA). The Directorate will review the package to make sure that it is complete and that it complies with CRA and Income Tax Act requirements.

If Form RC236 is not complete, the CRA will reject the package and will not assign a TFSA identification number.

The issuer can only file an election to register an arrangement as a TFSA after:

  receiving our approval of their application package; and

  receiving a TFSA identification number.

A commercial copy of the document being marketed to holders only needs to be sent to us if we ask for it.