Help centre

Are TFSA contributions tax deductible?

No. Your TFSA contributions do not reduce your taxable income.

However, you won't pay any taxes on your investment income. What's more, withdrawals are not taxed and do not affect your eligibility for certain government programs, which is an advantage if you're in a lower tax bracket.

Related questions

Picto of two text bubbles

Chat with our virtual assistant

Ask a question for immediate answers to your questions, available 24/7