Proof of TFSA

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meghal
Member since: Jul 04

Posts: 1651
Location: (0,0,0)
Post ID: #PID

Posted on: 09-03-10 12:52:30

Do we need to provide any proof of TFSA contributions while filing the return?

I called my bank and asked about a slip similar to T3, and they mentioned that they submit the TFSA contribution information directly to government. So my return does not need any reference to my TFSA contributions.

Is it true?

Iceberg
Member since: May 05

Posts: 919
Location: GTA and beyond
Post ID: #PID

Posted on: 09-03-10 20:13:34

Why do you need proof ? You do not get any tax benefits from contribution to a TFSA. The financial institution would report all contributions and withdrawals to CRA who would in turn let you know your contribution room each year. And of course you know that you do not have to report any income within the TFSA.

Quote:
Originally posted by meghal

Do we need to provide any proof of TFSA contributions while filing the return?

I called my bank and asked about a slip similar to T3, and they mentioned that they submit the TFSA contribution information directly to government. So my return does not need any reference to my TFSA contributions.

Is it true?

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