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Tax Free Savings Account - True or False - CLB3

1) Use the reading from Tuesday (Pair Dictation) and answer these questions about it.

At Scotia Bank, there is an offer for a TFSA Tax Advantage Savings Account. With this account, you can earn 5% interest on all deposits, tax free. You must contribute the monthly minimum of $75 and you cannot contribute more than the allowed limit. This year, in 2019, the contribution limit is at $6,000. If you even contribute one dollar more than allowed, there will be a penalty. The penalty is at 1% per month for any amount that you over-contribute. Any individual who is 18 years of age or older and who has a valid Social Insurance Number (SIN) can apply. Your financial advisor will need your SIN and your date of birth so make sure to bring the appropriate documentation.

ANSWER THE QUESTIONS BELOW (TRUE OR FALSE)
1. You can withdraw money from a tax free savings account, tax free.

a.True
b.False

2) The contribution limit is at $5,000, in 2019. 

a.True
b.False

3) You must be 18 years of age to apply.

a.True
b.False

4) The financial advisor only needs your birth certificate.

a.True
b.False

5) You can earn 5% interest on all deposits, without paying tax.

a.True
b.False

6) The monthly minimum for this account at this bank is $50 per month.

a.True
b.False


 

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