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How the Tax-Free Savings Account Will Work / I# c, V* s. ]( x( U: i
Starting in 2009, Canadian residents age 18 or older will be eligible to contribute up to $5,000 annually to a TFSA, with unused room being carried forward.
7 Y% ~* k$ }5 T2 fContributions will not be deductible.
+ h# P7 H, u9 f; Y0 i* ECapital gains and other investment income earned in a TFSA will not be taxed. . d' X% A) b# [& x' n. P
Withdrawals will be tax-free.
, E5 C2 {$ D% \: y3 P; _Neither income earned within a TFSA nor withdrawals from it will affect eligibility for federal income-tested benefits and credits. , [, f! Y+ {+ @1 n0 h; v
Withdrawals will create contribution room for future savings. . t$ @* G! M4 D5 I
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. % s5 m, y3 }) d3 h/ ^
Qualified investments include all arm’s-length Registered Retirement Savings Plan (RRSP) qualified investments.
0 V* ^3 v# n, v4 x4 r; I4 z1 j5 pThe $5,000 annual contribution limit will be indexed to inflation in $500 increments. |
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