Do you have any TFSA-related questions? To take full advantage of this investment vehicle, here are answers to the most frequently asked ones! 1. Is my TFSA deductible for income tax purposes? No. Unlike the RRSP, your TFSA contributions are not tax deductible. The main advantage of a TFSA lies in the fact that realized investment gains and withdrawals are not taxable for either the federal or provincial governments. 2. Can I invest my TFSA? Yes. Concerning the TFSA, you have access to the same investment options as for your Bâtirente retirement plan. Thus, it’s possible, as with RRSPs, to invest a TFSA in one of the funds available and according to your investor profile. 3. I already have a TFSA with my financial institution. Can I open another account with Bâtirente? Yes. The key is not to exceed your annual contribution limit, which applies to all your accounts combined. You’ll find your contribution limit for a given year on your federal Notice of Assessment. 4. What is the annual contribution limit? In 2022, the TFSA contribution limit is set at $6,000. It’s important to take under consideration your withdrawals made in 2021 and your unused contribution room from previous years. If you’ve never contributed to a TFSA and you’ve been eligible since 2009, your unused contribution room for 2022 will be $81,500. 5. What happens if I exceed the contribution limit? Overcontributions are subject to a 1%/month penalty for every month these amounts remain in one’s account. Unused contribution room can be carried forward indefinitely. 6. Are there fees for withdrawing money from my Bâtirente TFSA? No, you don’t pay any fees if you take out money from your TFSA. 7. I've transferred my RRSP in Bâtirente. Can I do the same with my TFSA? Yes. In addition, the advantageous fees of your Bâtirente group plan are the same for all types of plans (SPP, RRSP, DPSP, TFSA). A TFSA invested in your group plan therefore benefits from the same cost savings as in an RRSP.

Do you have any TFSA-related questions? To take full advantage of this investment vehicle, here are answers to the most frequently asked ones!

1. Is my TFSA deductible for income tax purposes?
No. Unlike the RRSP, your TFSA contributions are not tax deductible. The main advantage of a TFSA lies in the fact that realized investment gains and withdrawals are not taxable for either the federal or provincial governments.

2. Can I invest my TFSA?
Yes. Concerning the TFSA, you have access to the same investment options as for your Bâtirente retirement plan. Thus, it’s possible, as with RRSPs, to invest a TFSA in one of the funds available and according to your investor profile.

3. I already have a TFSA with my financial institution. Can I open another account with Bâtirente?
Yes. The key is not to exceed your annual contribution limit, which applies to all your accounts combined. You’ll find your contribution limit for a given year on your federal Notice of Assessment.

4. What is the annual contribution limit?
In 2022, the TFSA contribution limit is set at $6,000. It’s important to take under consideration your withdrawals made in 2021 and your unused contribution room from previous years. If you’ve never contributed to a TFSA and you’ve been eligible since 2009, your unused contribution room for 2022 will be $81,500.

5. What happens if I exceed the contribution limit?
Overcontributions are subject to a 1%/month penalty for every month these amounts remain in one’s account. Unused contribution room can be carried forward indefinitely.

6. Are there fees for withdrawing money from my Bâtirente TFSA?
No, you don’t pay any fees if you take out money from your TFSA.

7. I’ve transferred my RRSP in Bâtirente. Can I do the same with my TFSA?
Yes. In addition, the advantageous fees of your Bâtirente group plan are the same for all types of plans (SPP, RRSP, DPSP, TFSA). A TFSA invested in your group plan therefore benefits from the same cost savings as in an RRSP.

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