7 thoughts on “TFSAs Turn 5 – But Canadian Savers Still Stumped

  1. Would anyone happen to know if the total contribution is 31K from the start of the program till today?

    Say I had put 5K 2 years ago, and subsequently taken it out. Would my contribution for 2014 be 31K or 26K (31K – 5K I put in 2 years ago)?

    Thanks!

    • Depends when you withdrew. Withdrawals can be recontributed the FOLLOWING year. So if you w/d in 2014 [unlikely], then your limit is now $26K and you’ll have another $10,500 in 2015. If you w/d in 2013 or earlier, your limit NOW is $31,000.

  2. I believe it is the 6th birthday and Jan 2013 it was increased to $5500
    4 at $5000 = 20,000 and 2 at $5500 = 11,000
    That makes $31,000

  3. Would anybody happen to answer my question? If I’ve been living in Canada since 2010 now, so what is my contribution room, I mean in my case 2009 applies or not to me. Is it $26K or $31K? thanks

    • Hi Anna,
      The rules on TFSAs state that in order to qualify for contribution room, you must have been a resident of Canada that year – so in your case, it looks as though you’d only have from 2010 onward!

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