Fintech Select Ltd V.FTEC

RE: RE: RE: RE: Question & Answer ssl

[littleguy21]

How the TFSA Works

• Starting in 2009, if you are a Canadian resident aged 18 and older, you can save up to $5,000 every year in a TFSA.
• Your contributions to a TFSA are not deductible for income tax purposes but the investment income, including capital gains, earned in your TFSA is not taxed, even when withdrawn.
• Your unused TFSA contribution room is carried forward and accumulates for future years.
• You can withdraw funds available in your TFSA at any time for any purpose — and the full amount of withdrawals can be put back into your TFSA in future years. Re-contributing in the same year may result in an over-contribution amount which would be subject to a penalty tax.
• Neither income earned in a TFSA nor withdrawals affect your eligibility for federal income-tested benefits and credits.
• You can provide funds to your spouse or common-law partner to invest in their TFSA.
• TFSA assets can generally be transferred to a spouse or common-law partner upon death

         On another subject scg should do very well.  Other then the bs we have to read through on forums. lol
         Littleguy