A tax-free savings account contribution is tax deductible.

Name: A tax-free savings account contribution is tax deductible.
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Quizplus · Accepted Answer

A tax-free savings account (TFSA) contribution is not tax deductible. Unlike a Registered Retirement Savings Plan (RRSP), which allows you to deduct contributions from your taxable income, TFSA contributions are made with after-tax dollars. However, any investment income earned inside a TFSA is tax-free, including capital gains and interest earned on savings.

A Tax-Free Savings Account Contribution Is Tax Deductible