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How the Tax-Free Savings Account Will Work 8 K$ o8 ~4 r0 ]6 K) x) Z6 S
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. $ d* {" f3 C& @; C1 n4 p E
Contributions will not be deductible.
% y7 m9 X+ V" W) J3 G' ~Capital gains and other investment income earned in a TFSA will not be taxed. + s1 {; X' }, }! ^- h- l
Withdrawals will be tax-free.
1 s2 v1 f3 O6 r* J. QNeither income earned within a TFSA nor withdrawals from it will affect eligibility for federal income-tested benefits and credits. ! L) L; s* J$ o- I
Withdrawals will create contribution room for future savings.
' U: F9 X; F3 I# [ h3 W# |8 bContributions 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. + @$ l' c7 t- Q( e; y; [+ `2 w$ w
Qualified investments include all arm’s-length Registered Retirement Savings Plan (RRSP) qualified investments. ! A" f* r4 l7 I2 }* w
The $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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