Which of the following statements regarding the Tax Free Savings Account (TFSA) is NOT correct?
A) Any Canadian resident individual over 17 years of age can establish a TFSA.
B) Any unused amounts not contributed in a year may be carried forward indefinitely to future years.
C) The contributions are tax deductible up to a maximum of $6,000 for 2020.
D) Capital gains earned within TFSAs are not taxed.
Correct Answer:
Verified
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