How They Work
The TFSA is a registered savings account that allows taxpayers to earn investment income tax-free inside the account. Contributions to the account are not deductible for tax purposes, and withdrawals of contributions and earnings from the account are not taxable.
Any individual (other than a trust) who is resident in Canada and 18 years of age or older is eligible to establish a TFSA.
Every year individuals can contribute up to their contribution room for the year. Your contribution room is derived from three amounts:
The CRA will determine TFSA contribution room (based on information provided by issuers) for each eligible individual who files an annual T1 individual income tax return.
For answers to other Frequently Asked Questions visit the website link below:
How We Help
Without barely a moment’s thought, you…
Do you ever feel like life is too automated?
You have worked all your life and saved for…
After years of living the “rat race”, you are…
You get home from work, your spouse is…
We are never satisfied until you are.
Follow us on social media, interact with us and find out about new events.
© Copyright AdvisorNet. All rights reserved.