RHYS MARTELL  |  financial advisor

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.

 

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