• Last Updated:
  • Jul 10th, 2014 7:18 pm
Tags:
None
[OP]
Deal Addict
Feb 28, 2003
1322 posts
90 upvotes

TFSA question

Right now the max you can have in a TFSA is $31500 or something. I'll check for sure before I do anything of course.

1) can I deposit the entire amount this year since I have never had a TFSA? The yearly contribution limit doesn't apply here right?

2) if I put in the max amount and it grows by Dec 31 by a few grand, my limit for next year won't be affected right?

TFSA noob lol
Rogers
$35 Unlimited Local Calling
$30 6GB Data
$10 Retention VP (2500sms/CID/VM)
$75 + GRRF 2.13 + 5% GST = $80.99 :|
12 replies
Newbie
Oct 8, 2013
5 posts
1 upvote
Vancouver, BC
1. Yes, as long as you were a Canadian resident and turned 18 in or before 2009. Your yearly contribution limit does apply, but it is $31,500 due to the carryover of unused amounts from previous years.
2. Yes, the CRA will only look at your deposits and withdrawals when determining your limit for next year. You can gain and lose as much money as you want in the account.
[OP]
Deal Addict
Feb 28, 2003
1322 posts
90 upvotes
Awesome thanks for answering my questions thanked
Rogers
$35 Unlimited Local Calling
$30 6GB Data
$10 Retention VP (2500sms/CID/VM)
$75 + GRRF 2.13 + 5% GST = $80.99 :|
Banned
Nov 27, 2006
2200 posts
442 upvotes
Toronto
Lol giving advice when you don't know the tfsa contribution limit in 2014 is 31000 priceless
Banned
Nov 27, 2006
2200 posts
442 upvotes
Toronto
Lenchenzo wrote:
Jul 10th, 2014 1:15 pm
1. Yes, as long as you were a Canadian resident and turned 18 in or before 2009. Your yearly contribution limit does apply, but it is $31,500 due to the carryover of unused amounts from previous years.
2. Yes, the CRA will only look at your deposits and withdrawals when determining your limit for next year. You can gain and lose as much money as you want in the account.
lol
Deal Fanatic
Nov 24, 2013
5683 posts
2297 upvotes
Kingston, ON
For clarity, the contribution limit is $31,000 cumulative through 2014.

2009-2012 - $5,000/yr = $20,000 if you were at least 18 and Canadian resident since 2009
2013+ $5,500/yr = $11,000 for 2013+2014
Total = $31,000

The annual contribution limit is indexed to CPI, rounded to the nearest $500, so it will eventually hit $6,000. At current inflation rates, however, that will take some time (4-8 years).
[OP]
Deal Addict
Feb 28, 2003
1322 posts
90 upvotes
Lol OK so max I can put in is $31,000?? I was gonna double check that figure... But I could have sworn it said 31,500 on the CRA self serve system thing..

The rest still holds true right? Looking to stick it into some mutual funds and/or etf's and just sit on it since I don't need it anytime soon...

Decent plan? I don't want too much risk involved
Rogers
$35 Unlimited Local Calling
$30 6GB Data
$10 Retention VP (2500sms/CID/VM)
$75 + GRRF 2.13 + 5% GST = $80.99 :|
Deal Fanatic
Mar 24, 2008
5714 posts
1823 upvotes
Toronto
ELiTE KiLLaH wrote:
Jul 10th, 2014 2:40 pm
Lol OK so max I can put in is $31,000?? I was gonna double check that figure... But I could have sworn it said 31,500 on the CRA self serve system thing..

The rest still holds true right? Looking to stick it into some mutual funds and/or etf's and just sit on it since I don't need it anytime soon...

Decent plan? I don't want too much risk involved
Your limit is $31000 + any growth you've had in the last few years. Let's say you invested $5000 in the first year and somehow made 10% on that money. If you withdraw the whole amount, your 2014 limit is $31500. Basically, the gains get added to your limit cumulatively and that is most likely why you see $31500 instead of $31000. Call CRA to confirm what you limit is before you invest.
Deal Fanatic
Mar 24, 2008
5714 posts
1823 upvotes
Toronto
sirex wrote:
Jul 10th, 2014 2:12 pm
Lol giving advice when you don't know the tfsa contribution limit in 2014 is 31000 priceless
Lulz, not understanding TFSA rules and being able to work as a "banker", priceless!
Newbie
Oct 8, 2013
5 posts
1 upvote
Vancouver, BC
Whoops, yeah, I made a mistake, the cumulative contribution limit is 31k, not 31.5k, if you haven't made any contributions before. For absolute clarity, you can check with the CRA, or the first page of your most recent notice of assessment, it'll tell you there. I just transfer the 5500 every year on Jan 2nd and be done with it :/
[OP]
Deal Addict
Feb 28, 2003
1322 posts
90 upvotes
ksgill wrote:
Jul 10th, 2014 3:07 pm
Your limit is $31000 + any growth you've had in the last few years. Let's say you invested $5000 in the first year and somehow made 10% on that money. If you withdraw the whole amount, your 2014 limit is $31500. Basically, the gains get added to your limit cumulatively and that is most likely why you see $31500 instead of $31000. Call CRA to confirm what you limit is before you invest.
Ok all that makes sense and thank you for explaining all that so that I know for the future.
To confirm i quickly just logged into CRAs my account to get the info. It is indeed $31,000.

Cheers
Rogers
$35 Unlimited Local Calling
$30 6GB Data
$10 Retention VP (2500sms/CID/VM)
$75 + GRRF 2.13 + 5% GST = $80.99 :|
Banned
Nov 27, 2006
2200 posts
442 upvotes
Toronto
ksgill wrote:
Jul 10th, 2014 3:07 pm
Lulz, not understanding TFSA rules and being able to work as a "banker", priceless!
lulz lulz lulzllzllzlzlz
Deal Fanatic
Mar 24, 2008
5714 posts
1823 upvotes
Toronto
sirex wrote:
Jul 10th, 2014 6:54 pm
lulz lulz lulzllzllzlzlz
Glad you liked it!

Top