How Much Can I Put in My TFSA?


Since you don’t pay any tax on any of the growth you earn in a Tax-Free Savings Account, they’re a no-brainer.


But there are limits. So you definitely have to keep an eye on how much money you put in. And how much you take out.


Because if you put too much in, you’ll be charged 1% of the amount you are over, for each and every month you’re over. And that can add up.


So exactly how much can you put in? I have no idea. Sorry. But it’s complicated. It depends on when you turned 18, how much you’ve put in so far, minus whatever you’ve taken out this year, etc, etc.


So your best bet is to contact CRA and ask them. And they’ll give you an exact number. But if you just want a ballpark number, then just Google “TFSA room calculator*.” That should do the trick.



Disclaimer:

This article is for educational purposes only and is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice. Opinions expressed are those of the owners and writers only. Every effort has been made to compile this material from reliable sources, however, no warranty can be made as to its accuracy or completeness. It may also include forward looking statements concerning anticipated results, circumstances, and expectations regarding future events. Forward-looking statements require assumptions to be made and are, therefore, subject to inherent risks and uncertainties. There is significant risk that predictions and other forward looking statements will not prove to be accurate. Please consult an appropriate professional regarding your particular circumstances. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or the fund facts before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual Funds and Segregated Funds provided by the Fund Companies are offered through Worldsource Financial Management Inc., sponsoring mutual fund dealer. Other Products and Services are offered through Rhys Martell/Well-Built Plans Financial.


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Mutual Funds and some Segregated Funds provided by the Fund Companies are offered through Worldsource Financial Management Inc. Other Products and Services are offered through Rhys Martell/Well-Built Plans Financial. 

 

Rhys Martell is an independent Financial Advisor in Abbotsford, BC. He is a member of the Estate Planning Council of Abbotsford, a Chartered Investment Manager, a Qualified Associate Financial Planner, holds an Elder Planning Counselor designation, and a Bachelor of Arts in Applied Communications from Royal Roads University. Servicing clients from Abbotsford, Mission, Chilliwack, Langley, Surrey, Vancouver, the Fraser Valley and beyond.

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