TFSA Maximizer Schemes

On May 13, 2021, The Canada Revenue Agency (CRA) published a news release in which it warned Canadians about participating in tax schemes where promoters claim that individuals can transfer funds out of their registered retirement savings plan (RRSP) or registered retirement income fund (RRIF) into a tax-free savings account (TFSA) without paying taxes and without regard to the annual TFSA contribution limit (TFSA Maximizer Schemes).

MFDA staff are issuing this bulletin to make Members and Approved Persons aware of the CRA communication which can be found at www.canada.ca.