• Annual Limit: $5,500 each year (begining at age 18)
    + Previous Contribution Room
    + Previous year withdrawals
  • For 2018, total contribution room since 2009 is $57,500
  • Contribution Period: January 1 to December 31 each year.
  • Contributions above the overall contribution limit is subject to a 1% / month penalty
    (refer to CRA website)
  • A client's contribution room can be found in their Notice of Assessment, CRA My
  • Account(online), Notice of Reassessment, and T1028
  • In-kind contributions: captial gains must be declared, capital losses cannot be
  • claimed. Current market value is used to calculate contribution amount.
What are TFSAs?
  • A federal government tax-shelterd saving program, designed to encourage
    Candians to save and invest for short, medium or long-term goals.
Benefits at a Glance
  • Investments inside a TFSA are tax sheltered
  • Contributions are after-tax (no deducation)
  • Withdrawals are tax-free(no withholding)
  • There is no spousal TFSA
  • There is no income attribution
  • A TFSA may have a successor holder (spouse) or a named beneficiary