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How the Tax-Free Savings Account Will Work
! I8 V$ z$ s; B) N) w% I, d4 LStarting 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. 6 q( o! a. z8 d5 r2 [0 y8 A
Contributions will not be deductible. 3 [; y4 R" k7 l" k5 I. i
Capital gains and other investment income earned in a TFSA will not be taxed.
0 ]3 V" ~ s: u' }Withdrawals will be tax-free. : r6 v4 q. t3 d5 L0 ^
Neither income earned within a TFSA nor withdrawals from it will affect eligibility for federal income-tested benefits and credits. ( c1 A( ? a+ {) h! n
Withdrawals will create contribution room for future savings. 0 W+ g- l# D B* y& W
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.
7 p: }3 i8 E o% |0 O+ ?Qualified investments include all arm’s-length Registered Retirement Savings Plan (RRSP) qualified investments.
, ?( v% X) m' A3 v; C, sThe $5,000 annual contribution limit will be indexed to inflation in $500 increments. |
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