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    Get your tax-free savings account (TFSA) answers faster

    tax-free-savings-account

    Get your tax-free savings account (TFSA) answers faster

    We’re excited to share that the Canada Revenue Agency has enhanced its TFSA services!  We believe this could be beneficial for you as navigating tax-related questions can be challenging and time-consuming. Many of you have reached out to CRA with inquiries about registered plans, with the TFSA being one of the most frequently discussed
    topics.

    Below, you’ll find the information we received, which we’re sharing with you. For more detailed information, please visit TFSA page with the link below:

    Tax-free Savings Account (TFSA) 

    Here is the direct quote from the CRA information leaflets:

    Get your tax-free savings account (TFSA) answers faster

    At the Canada Revenue Agency (CRA), we believe that everyone deserves easy access to the information they need, especially when it comes to managing their finances.
    As a part of our 100-day Service Improvement Plan, we are working to improve and simplify our web pages so you can self-serve with confidence. We are committed to  making your experience with tax-free savings accounts (TFSA) smoother and more efficient.

    What you can expect

    We have listened to your feedback and focused on the most common TFSA questions. Our updated web pages now feature:
    • improved information on what a TFSA is, how to open one, what to think about before you contribute, and how to make a withdrawal

    • clearer step-by-step instructions to calculate how much you’ve contributed

    • more detailed explanations of what to do if you accidentally overcontribute

    Understanding your contribution room

    Figuring out your TFSA contribution room is important, and we’ve made it simpler than ever. You can now more easily:

    • access essential information for calculating your contribution room using your financial records

    • explore clear examples that illustrate how to figure out your contribution limit

    • follow straightforward instructions to use the TFSA calculator available in your CRA account or to complete the TFSA contribution room worksheet

    Learn more

    To see the redesigned TFSA web pages, go to: tax-free savings account (TFSA).

    To learn more about our ongoing service improvements, go to: 100-day Service Improvement Plan.

     

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