Canadian Securities Course (CSC) Practice Exam · Question
Which of the following Canadian registered accounts allows for tax-free growth and withdrawals, but contributions are not tax-deductible?
The TFSA allows eligible individuals to save money in registered investments, with investment income and capital gains earned within the account being tax-free,
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Question: Which of the following Canadian registered accounts allows for tax-free growth and withdrawals, but contributions are not tax-deductible?
Answer options: ✅ Tax-Free Savings Account (TFSA)
- Registered Retirement Savings Plan (RRSP)
- Registered Education Savings Plan (RESP)
- Registered Disability Savings Plan (RDSP)
Correct answer: Tax-Free Savings Account (TFSA)
Explanation: The TFSA allows eligible individuals to save money in registered investments, with investment income and capital gains earned within the account being tax-free, and withdrawals also being tax-free. Contributions are not tax-deductible.
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