Saving just got a whole lot easier!
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income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn.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.
Forms and publications
- Guide RC4466, Tax-Free Savings Account (TFSA), Guide for Individuals
- Form RC240, Designation of an Exempt Contribution Tax-Free Savings Account (TFSA)
- Form RC243, Tax-Free Savings Account (TFSA) Return
- Form RC243-SCH-A, Schedule A – Excess TFSA Amounts
- Form RC243-SCH-B, Schedule B – Non-Resident Contributions to a Tax-Free Savings Account (TFSA)
- Form RC343, Worksheet – TFSA contribution room