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J
jasonderouin84
March 17, 2022
Question

Where should i declare deposits into tax free savings account

  • March 17, 2022
  • 1 reply
  • 0 views
I oppened a TFSA in 2021.
I made contributions of 6000$ throughout the year.
Do i need to declare this somewhere for taxes?

    1 reply

    M
    Mia48
    March 18, 2022

    Money deposited in a Tax-Free Savings Account (TFSA) is not taxable, and contributions are not deductible. So no information about your TFSA needs to go on your tax return.

     

    For more information, please see TurboTax FAQ  What is a TFSA (Tax-free Savings Account)?

     

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