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I opened a TFSA in 2017. At the end of December, I sold stocks from one company. My other stocks were not sold. What do I report?



Our response:

Thank you for your question, Christine. Interest, dividends, or capital gains earned on investments in a Tax-Free Savings Account (TFSA) are typically not taxable either while held in the account or when withdrawn. There are certain circumstances under which taxes may be payable with respect to a TFSA, and these circumstances are described on the Canada Revenue Agency website.

Keep in mind that taking money out of a TFSA can affect your TFSA contribution room for the year.  Here is information about TFSA basics.

Speak to a registered financial advisor, tax professional, or contact Canada Revenue Agency directly, for specific advice about what you need to report for your income tax return.

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