TFSA definition
Examples of TFSA in a sentence
A) With the approval from the Minister of National Revenue and any provincial tax authorities if applicable, SBIC may make amendments to the Tax Free Savings Account Agreement provided however that any amendments shall not disqualify the account as a TFSA acceptable for registration under the Act or any applicable provincial legislation.
It is solely the Account holder's responsibility to determine whether there is an excess TFSA amount (as defined under the ACT) of the Account Holder at any time in a year.
For any such excess TFSA amount, it is the responsibility of the Account holder to file an income tax return and pay the applicable tax under Part xi.01 of the Act.