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How do we add TFSA

 
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Accepted Solutions

How do we add TFSA

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


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3 Replies

How do we add TFSA

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


brianceh
New Member

How do we add TFSA

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

How do we add TFSA

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income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn.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