TFSA Investors: Beware This Huge CRA Tax Bomb

Author: External Author | | Categories: Accounting Services , Canada Revenue Agency Reports

If you invest in a Tax-Free Saving Account (TFSA), you expect to pay no taxes on your investments. It’s in the name, after all: tax-free savings account. As long as you hold approved investments and stay within your contribution limit, you should pay no taxes on TFSA stocks. And 99% of the time, it does work out that way. But there is one specific situation where you can find yourself getting taxed–heavily–inside a TFSA. This situation doesn’t apply to most investors, however.

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Original Article Source Credits:   The Motley Fool ,

Article Written By:  Andrew Button

Original Article Posted on:  May 18, 2021

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