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Can I deposit my Canada Pension Plan (CPP) payments into a TFSA?



Our response:

Yes. Money from various sources, including money received from the Canada Pension Plan (CPP) can be contributed into your Tax-Free Savings Account (TFSA) if contribution room is available. You should be aware that CPP payments are considered taxable income. However, normally tax is not automatically deducted from the payments.

Learn more about Tax-Free Savings Accounts (TFSA) and consider speaking with a tax professional for advice that fits your personal financial situation.

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