Can the TFSA contributions be deducted on the income tax return

posted

1 Best answer

Accepted Solutions

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

1 Reply

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