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posted Mar 17, 2022 8:43:34 AM

Where should i declare deposits into tax free savings account

I oppened a TFSA in 2021.
I made contributions of 6000$ throughout the year.
Do i need to declare this somewhere for taxes?

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1 Replies
Level 3
Mar 18, 2022 10:12:24 AM

Money deposited in a Tax-Free Savings Account (TFSA) is not taxable, and contributions are not deductible. So no information about your TFSA needs to go on your tax return.

 

For more information, please see TurboTax FAQ  What is a TFSA (Tax-free Savings Account)?

 

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