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:
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Life and health insurance products are provided by Stephen Cox through Desjardins Financial Security Independent Network. Life and health insurance products and services are not available through Desjardins Financial Security Investments Inc. (DFS Investments) nor are the insurance plans or services available and/or offered, supervised or reviewed by DFS Investments. DFS Investments is the mutual fund dealer through which mutual fund products and services are provided.