IFIC Mutual Funds Licensing Practice Exam · Question
Which of the following statements about TFSA contribution room is TRUE?
Unused TFSA contribution room from previous years is carried forward and added to the new contribution room for the current year, cumulatively. Withdrawals incr
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Question: Which of the following statements about TFSA contribution room is TRUE?
Answer options: ✅ Unused TFSA contribution room carries forward indefinitely.
- TFSA contribution room is lost if not used by the end of the year.
- TFSA contribution room is unique to each province.
- Withdrawals from a TFSA permanently reduce your contribution room.
Correct answer: Unused TFSA contribution room carries forward indefinitely.
Explanation: Unused TFSA contribution room from previous years is carried forward and added to the new contribution room for the current year, cumulatively. Withdrawals increase contribution room in the following year, not permanently reduce it.
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