Difference between revisions of "Taxation: RRSP & RRIF & TFSA (16:XIII)"

Taxation: RRSP & RRIF & TFSA (16:XIII) (view source)

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 == B. RRIF: Registered Retirement Income Fund ==
-The same rules applies to RRIFs as they apply to RRSPs.
+The same rules apply to RRIFs as they apply to RRSPs.
 == C. TFSA: Tax-Free Savings Account ==
-TFSAs receive specialized treatment under the ''Income Tax Act''. As TFSAs came into effect in 2009, the proportion of the chapter will not be material to the estate of deceased taxpayers who died in 2008 or earlier.
+TFSAs receive specialized treatment under the ''Income Tax Act''. As TFSAs came into effect in 2009, this section of the chapter will not be material to the estate of deceased taxpayers who died in 2008 or earlier.
 The fair market value of the TFSA will be received by the estate of the deceased taxpayer or any gains that accumulated in the account will continue to be tax-free until the end of the year following the death of the account holder. The tax-free status of the TFSA is preserved if the deceased taxpayer named their spouse or common-law partner as the successor account holder.
-It is unlikely that tax liability for the income generated by the TFSA from amounts contributed to the TFSA during the taxpayer’s lifetime. This is different from RRSPs or RRIFs.
+It is unlikely that there will be tax liability for the income generated by the TFSA from amounts contributed to the TFSA during the taxpayer’s lifetime. This is different from RRSPs or RRIFs.
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