What is TFSA?

A TFSA allows you to set money aside in eligible investments and watch those savings grow tax-free throughout your lifetime. Interest, dividends, and capital gains earned in a TFSA are tax-free for life. Your TFSA savings can be withdrawn from your account at any time, for any reason1, and all withdrawals are tax-free.

Types of TFSA

Trust Arrangement TFSA

If the TFSA is a trust arrangement, the trust remains the legal owner of the assets held in the TFSA. The financial institution notifies the CRA of any change in ownership based on successor holder designations in TFSA contracts.

Annuity Contract TFSA

When the last holder of the deposit or annuity contract TFSA dies, the arrangement ceases to be a TFSA. The Fair Market Value (FMV) of the TFSA at the date of death will be received tax-free by the deceased's estate or other designated beneficiaries

Benefits of TFSAs

There are so many benefits of RRSPs & RIFs that should be as follows:

You can continue to be a procrastinator, and still benefit later.
Profits made within the TFSA do not get taxed.
Withdraw your money with ease.
Uses of a Tax-Free Savings Account.
No income requirements.
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          Scotiabank TFSA-eligible investments include mutual funds, Guaranteed Investment Certificates (GICs) and cash, all in one registered account. Investment options with ScotiaMcLeod or Scotia iTRADE may differ. Please consult your financial advisor for specific details on investment availability.

          If you designate your spouse or common-law partner as the "successor holder," you can allow them to assume your plan upon your death without affecting your own TFSA. Alternatively, you can designate a beneficiary(s) to receive money in your plan upon your death. The beneficiary/successor holder option is available in all provinces and territories except Quebec.
          If you become a non-resident, you are able to maintain your TFSA and will not be taxed on any earnings or withdrawals in the account. However, you will not be allowed to contribute additional funds and no contribution room will accrue for the years in which you are a non-resident
          You can withdraw money from your TFSA at any time; However, specific product restrictions may apply (such as GIC maturity dates). The amount you withdraw can be put back into your TFSA from the next year without affecting your contribution room.
          Yes. You will be able to contribute to a spouse's TFSA without affecting your own contribution room. Income attribution rules, which currently govern RRSPs, do not apply.

          A new form, 'Transfer from a Tax-Free Savings Account (TFSA) to another TFSA on Breakdown of Marriage or Common-Law Partnership', is required to be completed and submitted to the Financial Institution prior to the TFSA assets being transferred.

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