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Business Miscellaneous in Business . 3 months ago
A tax-free savings account (TFSA, French: Compte d'épargne libre d'impôt, CELI) is an account available in Canada that provides tax benefits for saving. Investment income, including capital gains and dividends, earned in a TFSA is not taxed in most cases, even when withdrawn. Contributions to a TFSA are not deductible for income tax purposes, unlike contributions to a registered retirement savings plan (RRSP).
Despite the name, a TFSA does not have to be a cash savings account. Like an RRSP, a TFSA may contain cash and/or other investments such as mutual funds, segregated funds, certain stocks, bonds, or guaranteed investment certificates (GICs). The cash on hand in a TFSA collects interest just like a regular savings account, except that the interest is tax free.
Posted on 03 Oct 2024, this text provides information on Business related to Miscellaneous in Business. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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