Canadian Securities Course (CSC) Practice Exam · Question
Contributions to a Tax-Free Savings Account (TFSA) are:
Contributions to a TFSA are not tax-deductible, but any investment income earned within the account and withdrawals are completely tax-free.
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Question: Contributions to a Tax-Free Savings Account (TFSA) are:
Answer options: ✅ Not tax-deductible, but investment income and withdrawals are tax-free.
- Tax-deductible, and investment income is tax-free.
- Not tax-deductible, and investment income is taxed at a preferential rate.
- Tax-deductible, but withdrawals are fully taxable.
Correct answer: Not tax-deductible, but investment income and withdrawals are tax-free.
Explanation: Contributions to a TFSA are not tax-deductible, but any investment income earned within the account and withdrawals are completely tax-free.
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