The Tax-Free Savings Account (TFSA) is a saving/investment account that can hold any combination of eligible investment, such as cash, stocks, bonds, GICs and mutual funds.
Contributions to TFSA are not deductible for income tax purposes; however, amount contributed as well as any income earned in the account (such as interest income and capital gains) is tax-free, even when it is withdrawn.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.
Comments