Question 1 Listen Which of the following statements about TFSAs are true? 1. Withdrawals from a TFSA are not taxable in the year of withdrawal. 2. Withdrawals from a TFSA impact eligibility for income-tested government benefits 3. The amount that is withdrawn from a TFSA is added back to one's TFSA contribution room on January 1st of the following year. 4. A TFSA must be converted to another retirement income fund in the year that one reaches age 71. 1 and 2 only 2 and 3 only 3 and 4 only 1 and 3 only
Question 1 Listen Which of the following statements about TFSAs are true? 1. Withdrawals from a TFSA are not taxable in the year of withdrawal. 2. Withdrawals from a TFSA impact eligibility for income-tested government benefits 3. The amount that is withdrawn from a TFSA is added back to one's TFSA contribution room on January 1st of the following year. 4. A TFSA must be converted to another retirement income fund in the year that one reaches age 71. 1 and 2 only 2 and 3 only 3 and 4 only 1 and 3 only
Chapter18: The Federal Gift And Estate Taxes
Section: Chapter Questions
Problem 5DQ
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Transcribed Image Text:Question 1
Listen
Which of the following statements about TFSAs are true?
1. Withdrawals from a TFSA are not taxable in the year of withdrawal.
2. Withdrawals from a TFSA impact eligibility for income-tested government benefits
3. The amount that is withdrawn from a TFSA is added back to one's TFSA contribution room on January 1st of the
following year.
4. A TFSA must be converted to another retirement income fund in the year that one reaches age 71.
1 and 2 only
2 and 3 only
3 and 4 only
1 and 3 only
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