Discuss the nature and purpose of tax-free savings accounts:
- Purpose of a TFSA
- Parties to a TFSA
- Identifying the elements of a qualifying arrangement
Discuss the rules related to tax-free savings accounts:
- Contribution and Withdrawal Rules
- Calculate unused TFSA contribution room
- Rules pertaining to excess TFSA amounts
- Types of Investments
- Types of investments that qualify for inclusion in a TFSA
- Types of investments that are prohibited in a TFSA
- Penalties associated with holding prohibited investments in a TFSA
- Penalty taxes pertaining to a TFSA
- Transfers and Taxes
- Rules pertaining to transfers between TFSAs
- Rules pertaining to tax deductions and capital losses
- How TFSAs affect the taxes of a non-resident
- Closing a TFSA
- Identify the conditions under which an arrangement ceases to be a TFSA
- Explain what happens to a TFSA upon the death of its holder
Discuss the benefits to clients of tax-free savings accounts:
- TFSAs and RRSPs
- Compare the flexibility of a TFSA with that of an RRSP
- How TFSAs can be used to supplement RRSP contribution room
- How TFSAs and RRSPs can be used together to maximize the benefits of each
- Other Benefits
- Identify the types of investments that should be placed in a TFSA to maximize benefits.
- Demonstrate how much money can accumulate tax-free within a TFSA.
- Explain how a TFSA can be used to split income with a spouse or child.
- Demonstrate how TFSA holders can avoid clawbacks to social security benefits.
|Question Format||Multiple Choice|
|Questions Per Quiz||N/A|
|Enrolment Period||6 months|
* IMPORTANT: There is no maximum to the number of quiz attempts permitted, but only the first passing grade (60% or over) will appear on official web transcript.
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