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New Member
posted Oct 30, 2019 10:54:59 PM

How do we add TFSA

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1 Best answer
Moderator
Oct 30, 2019 10:55:00 PM

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


3 Replies
Moderator
Oct 30, 2019 10:55:00 PM

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


New Member
Apr 28, 2022 6:34:59 AM

HI, where do we add TFSA contributions on our Tax Return? Which line, ?

Moderator
May 3, 2022 11:24:12 AM

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income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn.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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