TFSA payment of taxes

Most TFSA holders have no tax payable related to their TFSA investments, and no TFSA tax return has to be filed. However, when TFSA taxes are applicable for a year, Form RC243, Tax-Free Savings Account (TFSA) Return, must be filed by June 30, of the following year. Any tax owing must also be paid by that date.

The RC243-SCH-A, Schedule A – Excess TFSA Amounts and RC243-SCH-B, Schedule B – Non-Resident Contributions to a Tax-Free Savings Account (TFSA) will assist you in determining your tax liability.

If a TFSA return is required but has not been filed, we may use information provided by your issuers to calculate any tax payable by you.

You can view filed TFSA returns and schedules online by going to My Account.

Forms and publications

• Form RC243, Tax-Free Savings Account (TFSA) Return
• Form RC243-SCH-A, Schedule A – Excess TFSA Amounts
• Form RC243-SCH-B, Schedule B – Non-Resident Contributions to a Tax-Free Savings Account (TFSA)

Related links

• Contributions
• TFSA return and payment of taxes
• Transfers

Date modified:

2016-11-24