Is Wealthsimple TFSA taxable?

Asked 4 years ago

I use Welathsimple, and if I set up a TFSA account through them, will my capital gains get taxed?

Avoiding taxesCapital gains taxTax lawTax-free savings account (tfsa)
+1

Andrew Moran

Sunday, October 17, 2021

No, if you have a tax-free savings account (TFSA) on Wealthsimple, the capital gains earned on your investments will not be taxed. This also applies to dividends and interest.

That said, if exceed your cumulative contribution limit ($6,000 in 2021), you will be subject to a 1% penalty tax per month.

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