Regarding TFSA Accounts,which of the Following Is True

question 56

Multiple Choice

Regarding TFSA accounts,which of the following is true?

• A)Using your TFSA for tuition savings makes sense as long as the funds are replaced before the next term.
• B)If your TFSA investment deposit grows from $5000 to $10 000 you can withdraw only the $5000 deposit tax free.
• C)Using a TFSA account for your everyday banking would be a good way to avoid paying tax on the interest from your bank account.
• D)Using a TFSA account to hold a cashable GIC for an emergency will mean you do not have to pay tax on the interest earned.

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Definitions:

Psychiatric Conditions

Disorders affecting mental health, characterized by alterations in thinking, mood, or behavior associated with distress or impaired functioning.

Depression

An emotional disorder defined by an ongoing feeling of sadness or apathy towards activities, significantly impacting daily routines.