TFSA: Tax-free savings account
- K. McLaren CPA, CGA
- Mar 1, 2023
- 1 min read
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The Tax-Free Savings Account (TFSA) program began in 2009. It is a way for individuals who are 18 and older and who have a valid social insurance number to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn. Administrative or other fees in relation to TFSA and any interest or money borrowed to contribute to a TFSA are not deductible.
- Opening a TFSA
Eligibility, non-resident rules, how to open a TFSA, impact on government benefits and credits
- Contributions, withdrawals and transfers
Yearly contribution limit, withdrawals, transfers
- Types of investments
Qualified investments, transfers from RRSPs, in-kind contributions
- Tax payable on TFSAs
Proposed TFSA Return, tax payable situations
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