Personal Finance

how does tfsa work

  • Last Updated:
  • Apr 11th, 2010 10:27 am
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Deal Addict
Nov 2, 2003
1262 posts
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oshawa

how does tfsa work

i did not open a tfsa account last year. but if i opena account this year, do i have 5k or 10 k as mymax contribution previleges
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Member
Mar 23, 2010
212 posts
Montreal
junkone wrote: i did not open a tfsa account last year. but if i opena account this year, do i have 5k or 10 k as mymax contribution previleges
10k (every year of eligibility (in this case, 2) x 5k)

"TFSA contribution room accumulates every year, if at any time in the calendar year you are 18 years of age or older and a resident of Canada. You do not have to set up a TFSA or file a tax return to earn contribution room. If, for example, an individual is 18 or older in 2009 but is not obligated to file a tax return until 2016, they would be considered to have accumulated TFSA contribution room for each year starting in 2009."

From: TFSA contribution room - Revenue Canada

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