Tax-Free Savings Account (TFSA)

URI: https://gptkb.org/entity/Tax-Free_Savings_Account_(TFSA)
GPTKB entity
Statements (35)
Predicate Object
gptkbp:instanceOf gptkb:bank
registered account
gptkbp:administeredBy gptkb:Canada_Revenue_Agency
gptkbp:age 18
gptkbp:benefit flexible contributions and withdrawals
no impact on federal income-tested benefits
tax-free withdrawals
gptkbp:canBeOpenedAt banks
credit unions
insurance companies
trust companies
gptkbp:contributionLimitVariesByYear true
gptkbp:contributionRoomAccumulates annually
gptkbp:contributionsAreTaxDeductible false
gptkbp:country gptkb:Canada
https://www.w3.org/2000/01/rdf-schema#label Tax-Free Savings Account (TFSA)
gptkbp:incomeRequirement none
gptkbp:introducedIn 2009
gptkbp:mayInclude bonds
mutual funds
stocks
ETFs
cash
GICs
gptkbp:namedFor gptkb:Government_of_India
gptkbp:penaltyForOvercontribution 1% per month
gptkbp:purpose tax-free investment growth
gptkbp:residence Canadian resident
gptkbp:successorAccountType gptkb:Registered_Retirement_Savings_Plan_(RRSP)
gptkbp:taxOnForeignDividends may apply
gptkbp:unusedContributionRoomCarriesForward true
gptkbp:withdrawalsAreTaxable false
gptkbp:withdrawalsIncreaseContributionRoom true
gptkbp:bfsParent gptkb:Canada_Revenue_Agency
gptkbp:bfsLayer 5