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TFSA – LIMIT for 2017

Posted by: admin | Posted on: January 10th, 2017 | 0 Comments

TFSA  (TAX FREE SAVINGS ACCOUNT)

Each year you can contribute an amount up to your contribution room for the year.

The Contribution Limit for 2017 is $5,500

Annual Contribution limits

Years TFSA Annual Limit Cumulative Total
2009 – 2012 $5,000 per year $20,000
2013 – 2014 $5,500 per year $31,000
2015 $10,000 $41,000
2016 $5,500 $46,500
2017 $5,500 $52,000

A TFSA is generally be permitted to hold the same investments as a registered retirement savings plan. This means you may have multiple TFSA accounts at different financial institutions and they could include mutual funds, publicly traded securities, GICs, bonds, and alternative investments.
The CRA determines TFSA contribution room for each eligible individual who files an annual T1 individual income tax return.

Any unused contribution room from previous years can be added to the contribution room for the year.

Some Basic TFSA rules:
·         Unused annual contribution limits are cumulative.
·         All income earned in a TFSA is not taxable.
·         All withdrawals are not taxable.
·         Any withdrawal from a TFSA will result in a matching increase to your available
           contribution room, however, you cannot replace the credited withdrawal amount
           until Jan. 1st of the following calendar year.
·         You may have multiple TFSA accounts at different financial institutions but the
           combined value cannot exceed the maximum cumulative contribution room allowable.

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