What is a TFSA
What does TFSA Stand For
Tax Free Savings Account
18
What is the maximum annual withdrawal limit
there isn't one
What DO you have to pay taxes on
American Dividends
When was the TFSA created
2009
What is the 2020 contribution limit
6,000
Do the annual contribution limits compound
of course they do
What percent holding tax is imposed on American Dividends
15%
What country came up with the TFSA
Canada
What type of security are you able to hold
stocks, bonds, ETF's, mutual funds
What does the CRA make you pay in taxes on your gains
ZERO
6,000 spread across all of the accounts
What is the TFSA used for
holding almost any type of securities
Where can you open a TFSA
any major canadian financial/banking institution or some online stock trading platforms
How many TFSA's are you allowed to hold
as many as you want
What amount of contributions are you able to deduct from your taxes
none
What type of taxes do you have to pay on your gains
NONE
Why did the Canadian government come up with the TFSA
Who is the best finance teacher
MRS COLE
after tax income