With respect to Tax Free Savings Accounts (TFSAs), which of the following statements is NOT correct? Contributions to the accounts are not deductible

Taxation Dec 17, 2020

With respect to Tax Free Savings Accounts (TFSAs), which of the following statements is NOT correct?

 

		
Contributions to the accounts are not deductible.





		
Earnings on assets in the accounts accumulate tax free.



		
Withdrawals of accumulated account earnings will be subject to tax.

		
Contributions to the accounts can be returned tax free at any time.

Expert Solution

Withdrawals of accumulated account earnings will be subject to tax.

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