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How the Tax-Free Savings Account Will Work ' V9 {1 X' y( S& C# z$ G; d# Y
Starting in 2009, Canadian residents age 18 or older will be eligible to contribute up to $5,000 annually to a TFSA, with unused room being carried forward. 9 Z" x3 e2 L! C0 N5 _2 i5 i
Contributions will not be deductible.
, D) z C" ~! ?; e# [! ~Capital gains and other investment income earned in a TFSA will not be taxed.
! c) E8 I+ k$ d* O) l( [Withdrawals will be tax-free. # x' b ~2 b' s, l! L" a9 V( o7 i: I
Neither income earned within a TFSA nor withdrawals from it will affect eligibility for federal income-tested benefits and credits.
( {% a2 ^$ `) ?Withdrawals will create contribution room for future savings.
+ ]% c6 y4 }2 c! W( C& j1 G( a/ UContributions to a spouse’s or common-law partner’s TFSA will be allowed, and TFSA assets will be transferable to the TFSA of a spouse or common-law partner upon death.
9 E: C4 V' I) L& f' XQualified investments include all arm’s-length Registered Retirement Savings Plan (RRSP) qualified investments. ; f( `! ]$ ]7 ~- F+ |
The $5,000 annual contribution limit will be indexed to inflation in $500 increments. |
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