Is your TFSA Ripe for an Audit

Auditing Tax-Free Savings Accounts

Tax-free savings accounts were introduced in 2009. These accounts allow you to save money, without paying any tax on the interest you earn or when the money is withdrawn. However, if your TFSA carries on a business, according to subsection 146.2(6) of Canada’s Income Tax Act, the income earned is taxable.  Read more…

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