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[OP]
Sr. Member
User avatar
Feb 25, 2018
546 posts
206 upvotes

TFSA Limit?

Correct me if i'm wrong.

I transferred last week, 40k Usd into my US TFSA
and i have 10k Cnd in my CND TFSA

Don't want to screw this up.
9 replies
Deal Addict
User avatar
Nov 5, 2006
2104 posts
231 upvotes
Toronto
What's your question? You can find your Tfsa limit on either your service Canada or cra online account.
Sr. Member
Dec 4, 2004
680 posts
653 upvotes
GTA
DaveVentura wrote: Correct me if i'm wrong.

I transferred last week, 40k Usd into my US TFSA
and i have 10k Cnd in my CND TFSA

Don't want to screw this up.
$40k USD is equivalent to about $53k CAD. The $53k is what will be recorded as your TFSA contribution.
[OP]
Sr. Member
User avatar
Feb 25, 2018
546 posts
206 upvotes
_dc_ wrote: $40k USD is equivalent to about $53k CAD. The $53k is what will be recorded as your TFSA contribution.
Yes + another 10k. But this year adds another 6k so the limit is $69,500. Can i contribute another 6k at any time or towards the end of the year?
Jr. Member
Aug 3, 2019
140 posts
59 upvotes
If your limit was never used then yeah, but check CRA to make sure
Jr. Member
Mar 16, 2009
168 posts
223 upvotes
Toronto
DaveVentura wrote: Yes + another 10k. But this year adds another 6k so the limit is $69,500. Can i contribute another 6k at any time or towards the end of the year?
Every TFSA limit is personal. That $63,500 only applies if you were at least 18 in 2009 AND you were a resident for tax purposes within Canada every single calendar year since then.
Sr. Member
Dec 4, 2004
680 posts
653 upvotes
GTA
DaveVentura wrote: Yes + another 10k. But this year adds another 6k so the limit is $69,500. Can i contribute another 6k at any time or towards the end of the year?
Contribution room is added every January 1.

On January 1, TFSA Limit = $6000 + Previous Years' Unused Contribution Room + Last Years' Withdrawals
Deal Guru
User avatar
Jul 17, 2008
10426 posts
3085 upvotes
How does cra calculates the value in cad from usd or other currency? What exchange rate? How do they figure the fluctuations

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