Statements (50)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
tax-advantaged savings account
|
| gptkbp:annualContributionLimit |
set by Canadian government each year
|
| gptkbp:beneficiaryDesignationAllowed |
yes
|
| gptkbp:benefit |
no impact on federal income-tested benefits
flexible withdrawals |
| gptkbp:canBe |
banks
credit unions trust companies retirement savings long-term savings emergency fund short-term savings |
| gptkbp:contributionLimit2023 |
$6,500
|
| gptkbp:contributionRoom |
unused room carries forward indefinitely
|
| gptkbp:contributionTaxDeduction |
none
|
| gptkbp:country |
gptkb:Canada
|
| gptkbp:cumulativeLimit2009to2023 |
$88,000
|
| gptkbp:eligibility |
Canadian residents age 18 or older with a valid SIN
|
| gptkbp:foreignDividendsTax |
may be subject to withholding tax
|
| gptkbp:fullName |
Tax-Free Savings Account
|
| https://www.w3.org/2000/01/rdf-schema#label |
TFSA
|
| gptkbp:incomeAttributionRules |
do not apply
|
| gptkbp:introduced |
gptkb:Government_of_Canada
|
| gptkbp:introducedIn |
2009
|
| gptkbp:investedIn |
bonds
mutual funds stocks cash GICs |
| gptkbp:jointOwnershipAllowed |
no
|
| gptkbp:namedFor |
gptkb:Government_of_India
|
| gptkbp:nonResidentContributionsAllowed |
no
|
| gptkbp:nonResidentTaxPenalty |
1% per month on contributions while non-resident
|
| gptkbp:ownedBy |
single
|
| gptkbp:penalty |
over-contributions subject to 1% per month penalty
|
| gptkbp:purpose |
encourage personal savings
|
| gptkbp:regulates |
gptkb:Canada_Revenue_Agency
|
| gptkbp:relatedTo |
gptkb:RESP
gptkb:RRSP RDSP |
| gptkbp:reportsTo |
financial institutions report to CRA
|
| gptkbp:spousalContributionsAllowed |
yes
|
| gptkbp:successionRules |
can name successor holder or beneficiary
|
| gptkbp:taxStatus |
contributions are not tax-deductible
investment income is tax-free withdrawals are tax-free |
| gptkbp:withdrawalRules |
withdrawals can be re-contributed in future years
|
| gptkbp:withdrawalTax |
none
|
| gptkbp:bfsParent |
gptkb:Canadian_investors
|
| gptkbp:bfsLayer |
6
|