鲜花( 0) 鸡蛋( 0)
|
How the Tax-Free Savings Account Will Work - g' G# V) y7 H/ ^; m
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 W/ N/ [7 f- L7 W7 v8 t' GContributions will not be deductible.
% r J9 d# { [3 |Capital gains and other investment income earned in a TFSA will not be taxed.
a% ?2 c: P/ P! gWithdrawals will be tax-free. 1 ]% A# f& @3 a* A- l0 i4 G& ^0 ]
Neither income earned within a TFSA nor withdrawals from it will affect eligibility for federal income-tested benefits and credits. ) a4 ]/ M3 v3 I c V
Withdrawals will create contribution room for future savings.
& G' Y: X/ E) n7 l' h0 iContributions 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. * M' D' @# n. ^' G
Qualified investments include all arm’s-length Registered Retirement Savings Plan (RRSP) qualified investments. " x8 [; h. n- u5 H9 f' {
The $5,000 annual contribution limit will be indexed to inflation in $500 increments. |
|