Discuss
Discover
  • Community basics
    • Support
  • TurboTax™
    • TurboTax.ca
    Open TurboTax

    Why sign in to the Community?

    • Submit a question
    • Check your notifications
    or and start working on your taxes
    Close icon
    Do you have a TurboTax Online account?

    We'll help you get started or pick up where you left off.

    Yes No
    cancel
    Turn on suggestions
    Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
    Showing results for 
    Search instead for 
    Did you mean: 
    rosalia53
    New Member

    Can the TFSA contributions be deducted on the income tax return

     
    posted
    ‎October 30, 2019 5:11 AM
    last updated ‎October 30, 2019 5:11 AM
    0
    1
    1,039
    Reply
    1 Best answer

    Accepted Solutions
    TurboTaxJudyToo
    New Member
    New Member

    Can the TFSA contributions be deducted on the income tax return

    No. TFSA accounts are not like RRSPs.

    Also, for TFSA accounts, gains and losses are not taxable nor deductible.

    For more info: https://turbotax.community.intuit.ca/replies/2647782

    View solution in original post

    ‎October 30, 2019 5:11 AM
    0
    1,024
    Reply
    1 Reply
    TurboTaxJudyToo
    New Member
    New Member

    Can the TFSA contributions be deducted on the income tax return

    No. TFSA accounts are not like RRSPs.

    Also, for TFSA accounts, gains and losses are not taxable nor deductible.

    For more info: https://turbotax.community.intuit.ca/replies/2647782

    ‎October 30, 2019 5:11 AM
    0
    1,025
    Reply

    Related Content

    PalpatablePalpatine
    kayla_hickey-hot
    derf-32
    lilybluerain
    sajidk