![]() ![]() is the parent of your child by birth or adoption.a deliberate over-contribution to a TFSAįor more information on advantages, see Income Tax Folio S3-F10-C3, Advantages – RRSPs, RESPs, RRIFs, RDSPs, and TFSAs.specified non-qualified investment income that has not been paid from the TFSA within 90 days of the holder receiving a notice from CRA requiring removalĪn advantage also includes any benefit that is income or a capital gain that is reasonably attributable to one of the following:.a payment received in substitution for a payment for services rendered by the holder (or non-arm’s length person) or for a return on investment on non-registered property.a transaction or event (or series) that would not have occurred in a normal commercial or investment context between arm’s length parties acting prudently, knowledgeably, and willingly, and one of the main purposes of which is to benefit from the tax exempt status of the TFSA.You may want to read this before you start.Īdvantage – an advantage is any benefit or debt that is conditional on the existence of the TFSA, subject to certain exceptions for normal investment activities and conventional incentive programs.Īn advantage also includes any benefit that is an increase in the total fair market value (FMV) of the property of the TFSA that is reasonably attributable to any one of the following: We have included definitions of some of the terms used in this guide in the Definitions section. ![]() It is not intended to cover all possible situations or to replace professional financial, tax, or estate planning services.Īs with other important investment decisions, you should speak with your financial advisor or a representative at your financial institution to be sure you are aware of any conditions, limitations, or administrative fees that can apply. This guide does not deal with every tax situation. For more information on the TFSA, go to Tax-Free Savings Account. It gives general information on this investment opportunity including who is eligible to open a TFSA, what the contribution limits are, possible tax situations, non-resident implications, transfers on marriage or relationship breakdown, what happens when a TFSA holder dies, and various other topics. This guide is for individuals who have opened or who are considering opening a tax-free savings account (TFSA).
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