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Tfsa

Can a person hold two tfsa account under the same bank?
:arrow: JussB
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wesboag wrote: I would assume so, but why really? to separate investments?

Yes. I have RRSP and I also got a TFSA to compliment and I have it for a year now. I just wanna open another one so I can save up for a car..
:arrow: JussB
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wesboag wrote: hmmm, im not to sure....as I said, I would imagine it would be possible as you can have multiple RRSP accounts under a single institution, so why not TFSA's. The problem with this is if you are using different accounts your tracking of contributions and withdrawls may be more difficult and you risk over contributing as remember withdrawls can't be put back in until the following year. I wouldn't be using a TFSA as a daily/monthly expense account for just this reason, among others.

I'm talking about TFSA here. I wanna open another TFSA account for a car or something. I'm only contributing $30 a month for a TFSA with CIBC.

Only have monthly authorized with TFSA and RRSP with CIBC.
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You could have 5000 tfsa accounts with the same bank all with $1.00 in them. You just can't go over the $5000 limit.

For example, I have a TFSA account (interest only) and TFSA investment account with BMO, and another TFSA account (interest only) with RBC.

The more you have though, the more you need to be careful about keeping all your accounts at the $5000 limit. It's your own responsibility to ensure you don't go over.
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mkerian wrote: You could have 5000 tfsa accounts with the same bank all with $1.00 in them. You just can't go over the $5000 limit.

For example, I have a TFSA account (interest only) and TFSA investment account with BMO, and another TFSA account (interest only) with RBC.

The more you have though, the more you need to be careful about keeping all your accounts at the $5000 limit. It's your own responsibility to ensure you don't go over.

I'm aware of those penalties.
:arrow: JussB
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wesboag wrote: Yes I know you are talking about a TFSA. There are contribution and withdrawl rules. Try to open another TFSA account than if you can't keep track of what needs to be used for what, but I don't really see any point as you still have a limit regardless of where you hold the account.

If I put $30 on this account and $30 on the other tfsa, would I make it to 5k within a year or even pass it?
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Reyshel01 wrote: If I put $30 on this account and $30 on the other tfsa, would I make it to 5k within a year or even pass it?

No.

$60 per month over the course of a year is $720.

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