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Understanding TFSAs

 

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
    • 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.
QUIZ FORMAT
Quiz Format Online
Question Format Multiple Choice
Questions Per Quiz N/A
Passing Grade 60%*
Attempts Allowed Unlimited*
ENROLMENT PERIOD
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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