 鲜花( 0)  鸡蛋( 0)
|
How the Tax-Free Savings Account Will Work 1 j4 Z4 Z. `, S2 O2 p% `) e
Starting in 2009, Canadian residents age 18 or older will be eligible to contribute up to $5,000 annually to a TFSA, with unused room being carried forward. ( \: z' m8 }/ O, V
Contributions will not be deductible.
# Y- k9 B1 _' g8 @" W2 J) FCapital gains and other investment income earned in a TFSA will not be taxed. 9 E) z E6 Q5 W1 s$ A; |. J
Withdrawals will be tax-free.
* ^2 V& ^6 n2 U7 ?! L7 B% [/ oNeither income earned within a TFSA nor withdrawals from it will affect eligibility for federal income-tested benefits and credits.
' M7 e8 k3 | A; @Withdrawals will create contribution room for future savings.
" A6 m! `: b7 o3 j* c0 B( J l$ OContributions 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.
: v: _ w- Z6 h+ D; q. pQualified investments include all arm’s-length Registered Retirement Savings Plan (RRSP) qualified investments.
6 U+ z) @) D; P5 g& A' wThe $5,000 annual contribution limit will be indexed to inflation in $500 increments. |
|