Sunday, February 17, 2019

Start to build up my TFSA account

In the past few years, I have been using my regular investment account. I found its too much hassle to file tax, as I have to report every transaction at end of year. So I decided 2018 is the last year. Starting from 2019, I will use TFSA accounts instead and reduce my investment from regular account. Add up account limit for both my wife and mine, we can use over $100k in TFSA. that's enough for now. Also government allows increased contribution in 2019.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/contributions.html

The Tax-Free Savings Account (TFSA) program began in 2009. It is a way for individuals who are 18 and older and who have a valid social insurance number to set money aside tax-free throughout their lifetime. Contributions to a TFSA are not deductible for income tax purposes. Any amount contributed as well as any income earned in the account (for example, investment income and capital gains) is generally tax-free, even when it is withdrawn.


The annual TFSA dollar limit for the years 200920102011 and 2012 was $5,000.
The annual TFSA dollar limit for the years 2013 and 2014 was $5,500.
The annual TFSA dollar limit for the year 2015 was $10,000.
The annual TFSA dollar limit for the year 2016 and 2017 was $5,500.
The annual TFSA dollar limit for the year 2018 is $5,500.
The annual TFSA dollar limit for the year 2019 is $6,000.

No comments:

Post a Comment