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ARTICLE · 03 JUNE 2015

The CRA TFSA Audit Project: Who Gets Audited And Why?

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In 2009, the federal government introduced the tax-free savings account ("TFSA") program as a means of promoting investment in the Canadian economy and assisting Canadians in saving for the future.

CanadaTax
John Campbell
John Campbell
Birute Luksenaite
Birute Luksenaite
Victoria Rodrigues
Victoria Rodrigues
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INTRODUCTION

In 2009, the federal government introduced the tax-free savings account ("TFSA") program as a means of promoting investment in the Canadian economy and assisting Canadians in saving for the future. Under the TFSA program, individuals over the age of 18 are entitled to contribute annually up to $10,000 (as increased by the proposed federal budget of April 21, 2015) to a TFSA (previously $5,500 for 2013 to 2014 and $5,000 for 2009 to 2012), up to an aggregate contribution limit of $41,000 for 2015 (including the proposed limit). Unlike registered retirement savings plans ("RRSPs"), contributions to a TFSA are not tax-deductible. However, investment returns within a TFSA are generally tax-free and both contributions and returns may be withdrawn from the TFSA tax-free.

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