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New Member
posted Apr 19, 2022 6:55:22 PM

do banks seperate tfsa from non tfsa accounts in the year end tax statements?

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Level 4
Apr 21, 2022 10:19:40 AM

As a general guideline, yes of course, this is because a TFSA account is much different than a non-registered account. The TFSA account must have reports attached showing how much you've contributed to the account so that you can have a guideline on your contribution limits, and to add that nothing is taxed in that account. Furthermore, the non-registered investment account is completely taxable and has to report investment income in this case as Capital Gain/Loss. As you can see there is different things that need to be reported based on the account and because of this, all banks should be providing you separate tax reports on your accounts depending on the account you have. For more information on this topic, check out: TurboTax - Tax-Free Savings Accounts

 

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