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Are TFSA contributions tax deductible?
No. Your TFSA contributions do not reduce your taxable income.
However, you won't pay any taxes on your investment income. What's more, withdrawals are not taxed and do not affect your eligibility for certain government programs, which is an advantage if you're in a lower tax bracket.
Related questions
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Why is the FHSA so beneficial? Here’s an example to help demonstrate why the FHSA is an advantageous savings plan for homebuyers looking to purchase their first property. -
When will I receive my tax slips? Find out when your tax slips are due for the tax season. -
When can I withdraw funds from my RRSP? Learn how to withdraw funds from an RRSP. -
What is the minimum age for contributing to a TFSA? What about the maximum age? All Canadian residents over the age of 18 can open a TFSA. -
What is the minimum age for contributing to an RRSP? What about the maximum age? There's no minimum age for opening an RRSP. However, you must receive employment
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