TFSA holders do not normally have a tax payable. For this reason, the average Canadian does not have to worry about a TFSA tax return. A person may incur tax on their TFSA if they don’t abide by the contribution rules or make a contribution when they’re a non-resident of Canada. ...
"This guide is for use by tax-free savings account (TFSA) issuers and is divided into two parts. Part I contains information on how to file the TFSA annual information return by Internet. The return includes the TFSA individual record and the TFSA return summary. You will also find details...
To start, an obvious one, pay down debt. If there is an existing mortgage or other debt, it would make sense at this point to take the extra cash flow to pay it down. Even though interest rates are relatively low right now, it’s a guaranteed after-tax return, and rates will likely...
Tax-free growth.You pay no tax on any investment income you may earn in your TFSA and you can hold a variety of qualified investments, including cash, stocks,guaranteed investment certificatesandmutual funds. The higher the return potential on your investments, the faster your savings may grow,...