TFSA Gurus, could you please help with some tips as we approach the end of the year. As I understand, when you have more than one TSFA and they are maxed out - best way is to withdraw money before January 1st and then deposit right after to avoid any penalties.
Hope you can clarify this too: say you opened a $10,000 TSFA @ 1% rate in January 2013 and say in December 2013 balance is $10,100. You withdraw $10,000 in December 2013 and in January 2014 deposit them into 2nd TSFA. Now you have 1st TSFA with $100+ and 2nd TSFA with $10,000+. How will CRA calculate my total contribution in 2014? Will it be sum of 2 accounts?
Thanks!
Hope you can clarify this too: say you opened a $10,000 TSFA @ 1% rate in January 2013 and say in December 2013 balance is $10,100. You withdraw $10,000 in December 2013 and in January 2014 deposit them into 2nd TSFA. Now you have 1st TSFA with $100+ and 2nd TSFA with $10,000+. How will CRA calculate my total contribution in 2014? Will it be sum of 2 accounts?
Thanks!