The federal (and provincial) government wants to assist citizens to save for their own needs, including retirement. They created the Tax-Free Savings Account (TFSA) for this purpose. Listed below are a number of statements relating to TFSAs. Which statements are correct? 1. The deposits are not tax deductible. 2. Any income or growth earned in the account on qualified investments is not taxed as it grows. 3. Withdrawals are tax free. 4. There are limits to how much money can be deposited each year, but unused deposit room is carried forward, so lump sum catch-up deposits are possible. 5. Contribution to a spouse's plan is permitted. 6. Re-contribution to a plan is permitted after funds have been withdrawn. 7. The holder of a tax-free savings account (TFSA) can also designate a beneficiary of the account upon their death