>>1011876
You put post-taxed money into TFSA, as in money you have already paid taxes on.

>>1011876
In ELICanadianand5 terms what >>1011879 means is this:

1: Earn $100K
2: Put $5K in TFSA.
3: Owe tax as if you'd only made $95K.

What it does NOT mean is:
1: Be millionaire.
2: Hide money under mattress except for $5K TFSA contribution.
3: File a tax return showing $0 income and magically expect a $5K tax refund.

>>1012448
>>1011879
You both are idiots.

Not deductible for income tax purposes means that you CANNOT, I repeat CANNOT use TSFA to reduce your taxable income. This means, that if you make X dollars a year and put Y into TSFA, your taxable income is still X, not X-Y.

>>1014030
That's what the first guy said, you idiot. That's called post-taxed money, money you already paid taxes on. Money you don't deduct from your gross income on your tax return.