Also visit the Canadian Revenue Agency website for more information on TFSA's.\

 

 How the TFSA Works 

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• Contributions to a TFSA will not be deductible for income tax purposes but investment income, including capital gains, earned in a TFSA will not be taxed, even when withdrawn.  
• Unused TFSA contribution room can be carried forward to future years.   \
• You can withdraw funds from the TFSA at any time for any purpose.  
• The amount withdrawn can be put back in the TFSA at a later date without reducing your contribution room.
• Neither income earned in a TFSA nor withdrawals will affect your eligibility for federal income-tested benefits and credits.  
• Contributions to a spouse’s TFSA will be allowed and TFSA assets can be transferred to a spouse upon death.

 

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