BlogSharesight Features & Tips

Track your TFSA with Sharesight

by Angela Thompson, Sharesight

Great news for Canadian investors! You can now track your Tax-Free Savings Accounts (TFSAs) in Sharesight!

featured sharesight-TFSA

What is a TFSA?

According to the Tax-Free Savings Account (TFSA) program is:

… a way for individuals who are 18 and older and who have a valid social insurance number to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn. Administrative or other fees in relation to TFSA and any interest or money borrowed to contribute to a TFSA are not deductible.

Tracking your TFSA in Sharesight

We recently released an enhancement that allows investors to set the tax entity of their Canadian portfolio(s) as “TFSA” within Sharesight.

What does this mean?

  • Selecting TFSA for your portfolio’s tax entity will set all Canadian payouts to ‘Non-taxable’ by default.
  • You can override the ‘Non-taxable’ default on each payout if required.
  • Non-resident withholding tax will still apply.

We added support for RRSP and RRIF portfolios earlier this year, and TFSAs are the latest addition to our tax entity types. Here’s the current list of available tax entities for Canadian portfolios, which can be set from the Settings > Tax Settings menu:

Tax Entity TypeNotes
Non-registeredStandard tax rules apply.
Registered Retirement Savings Plan (RRSP)Non-resident withholding tax does not apply for US stocks.
Registered Retirement Income Fund (RRIF)Non-resident withholding tax does not apply for US stocks.
Tax-Free Savings Account (TFSA)Income from Canadian investments will be treated as non-taxable by default and not appear on the Taxable Income Report. Non-resident withholding tax still applies.

Built for Canadian Investors

Supporting TFSAs, RRSPs, RRIFs is just another way we’re building the best portfolio tracker for Canadian investors. Here are a few more:

Need help?

For more information visit our help page: Changing the tax setting of your portfolio.

Got feedback?

Please leave your questions or comments on our dedicated forum topic.