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Discussion forum Tax Free Savings Accounts TFSA income taxable….provincially??

TFSA income taxable….provincially??
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3:55 pm
February 2, 2011


88kanaka

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I guess my first question is TFSA income taxable at the provincial level in BC?

:smile: And my second question:
My mother is in a BC Gov. subsidized long term care facility. She has interest income from GIC's that are taken as part of her portion to live in a long term care facility. If she were to invest in TFSA's would both the principal and earned interest be protected from being taken from her part portion to live in a long term care facility? And would it possibly improve her GIS supplement?

10:20 am
February 3, 2011


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Anything inside a TFSA earns interest or capital gains 100% tax-free. It's that simple. Your mother's GIC payouts are dependent on her previous years' income; the higher the income, the less the GIS payout. GIS can stop entirely for people earning over something like $23,000 per year (I stand to be corrected on that amount). RSP income and RIF income counts as income for the purposes of determining how much GIS supplement is paid out. Income from a TFSA has no impact on GIS payouts. Hope that helps.
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