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How the Tax-Free Savings Account Will Work 7 c: e1 Y* |$ u+ Q9 T1 @% w
Starting in 2009, Canadian residents age 18 or older will be eligible to contribute up to $5,000 annually to a TFSA, with unused room being carried forward. 3 p$ N# k: c6 Y" F2 J1 O
Contributions will not be deductible.
. J6 O# |: S; J* n! Y1 B# M/ ^Capital gains and other investment income earned in a TFSA will not be taxed. 9 o' ]. n7 @% ]
Withdrawals will be tax-free.
7 \+ g" k) r" [6 P* H, TNeither income earned within a TFSA nor withdrawals from it will affect eligibility for federal income-tested benefits and credits.
: v' h. u4 Z2 D+ p4 J3 }Withdrawals will create contribution room for future savings.
8 N- ^: F1 C" @3 R) k7 ?Contributions 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 J" O* V0 e) z" U4 r% \* y' h6 W
Qualified investments include all arm’s-length Registered Retirement Savings Plan (RRSP) qualified investments.
5 v( o. E7 F ^) P# n' }3 o) g; wThe $5,000 annual contribution limit will be indexed to inflation in $500 increments. |
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发表于 2008-2-27 11:01
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