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How the Tax-Free Savings Account Will Work # J+ u2 k( o% O4 w/ ]5 ~
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.
: }6 D8 }; ~3 r+ ^Contributions will not be deductible.
$ l: q7 G# p! w5 j1 ?Capital gains and other investment income earned in a TFSA will not be taxed.
; q- A5 M0 L7 IWithdrawals will be tax-free.
3 @2 [4 q f5 O) X8 n' \Neither income earned within a TFSA nor withdrawals from it will affect eligibility for federal income-tested benefits and credits.
& ~; M+ N0 x- P3 O2 V3 W! |Withdrawals will create contribution room for future savings.
/ k6 N8 ?1 D' u& G, J6 IContributions 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.
, A' u; E0 K! x; h+ Y3 xQualified investments include all arm’s-length Registered Retirement Savings Plan (RRSP) qualified investments. # m' ~/ C# o4 l) @, _: T
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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