TFSA Investors: Beware This Huge CRA Tax Bomb
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.
Original Article Source Credits: Motley Fool , https://www.fool.ca/
Article Written By: Andrew Button
Original Article Posted on: May 18, 2021
Link to Original Article: https://www.fool.ca/2021/05/18/tfsa-investors-beware-this-huge-cra-tax-bomb/