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How the Tax-Free Savings Account Will Work
+ R) r# M, d( |6 ]0 o9 D ZStarting in 2009, Canadian residents age 18 or older will be eligible to contribute up to $5,000 annually to a TFSA, with unused room being carried forward. . z8 C- Q- E- p9 H+ N# o) f/ y
Contributions will not be deductible. B9 K$ @1 ]6 C+ ^
Capital gains and other investment income earned in a TFSA will not be taxed.
7 [& y$ P$ x* i! z5 Q5 _0 [Withdrawals will be tax-free.
0 s' M7 s3 E% p; I$ d, s A DNeither income earned within a TFSA nor withdrawals from it will affect eligibility for federal income-tested benefits and credits.
7 U' \; |1 [$ PWithdrawals will create contribution room for future savings.
4 b6 v+ `4 C$ q2 p4 K, S, JContributions 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. 5 }2 G0 q; C: Y3 p4 |" @$ e$ t
Qualified investments include all arm’s-length Registered Retirement Savings Plan (RRSP) qualified investments. 6 i" ~$ u1 ^0 | X8 l1 u9 j
The $5,000 annual contribution limit will be indexed to inflation in $500 increments. |
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