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How the Tax-Free Savings Account Will Work 8 j5 }4 ~* ?7 ~
Starting in 2009, Canadian residents age 18 or older will be eligible to contribute up to $5,000 annually to a TFSA, with unused room being carried forward. ) \* j! `# |) L' t4 ^& o
Contributions will not be deductible. q2 x! s, j8 x
Capital gains and other investment income earned in a TFSA will not be taxed.
" O( ^' ?1 R; T8 [- m; fWithdrawals will be tax-free.
' s; D% M1 v' ]Neither income earned within a TFSA nor withdrawals from it will affect eligibility for federal income-tested benefits and credits. . a w) s, p! M4 h
Withdrawals will create contribution room for future savings. ' J. L0 c6 P! m; _7 O
Contributions to a spouse’s or common-law partner’s TFSA will be allowed, and TFSA assets will be transferable to the TFSA of a spouse or common-law partner upon death. 7 X4 k: W0 @* e$ {$ W! ~/ }
Qualified investments include all arm’s-length Registered Retirement Savings Plan (RRSP) qualified investments. 5 i) R+ H7 i& S# a7 y5 [. Z% }
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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