Deposits & withdrawals from a TFSA don’t need to be reported on your tax return.
More information on the TFSA: https://turbotax.community.intuit.ca/replies/2647782
Deposits & withdrawals from a TFSA don’t need to be reported on your tax return.
More information on the TFSA: https://turbotax.community.intuit.ca/replies/2647782
HI, where do we add TFSA contributions on our Tax Return? Which line, ?
You do not include the TFSA since it is not deductible for income tax purposes. Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn.
For more information, please see the links below:
TurboTax article Tax-Free Savings Accounts (TFSAs) in Canada
Canada Revenue Agency: Tax-Free Savings Account (TFSA), Guide for Individuals
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