CRA states that an individual may borrow money to contribute to their TFSA. Interest on the loaned amount is not deductible.


In a June 27, 2017 French Technical Interpretation (2017-0708951E5, Roy, Louise, (613) 670-8904), CRA commented on whether one could borrow to contribute to their TFSA.

CRA noted that it would be possible to borrow to contribute to one’s TFSA, however any interest on the loan would not be tax deductible. Administrative or other fees would also not be deductible.

For further information see Video Tax News Monthly Tax Update Newsletter, Issue No. 435