What was first year of tfsa

Contrast that with the TFSA in which there is no age limit and no earned income requirement. One popular strategy that has emerged is for seniors, who are required to withdraw a prescribed minimum amount annually from their RRIF at age 72, to recontribute any after-tax withdrawals not needed to fund living expenses back into a TFSA for tax-free retirement accumulation.

Finally, keep in mind that any amounts withdrawn from your TFSA can be recontributed, beginning the following calendar year, without using up TFSA room. Golombek cibc. Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder.

The next issue of Financial Post Top Stories will soon be in your inbox. We encountered an issue signing you up. Please try again. If at any time in the calendar year you are 18 years of age or older and a resident of Canada with a Social Insurance Number, you are eligible to open a TFSA and contribute up to the limits below. Contribution room starts at age 18, however, regardless of your province of residence. Note that investment income earned in your TFSA and changes in the value of your investments do not affect your TFSA contribution room for current or future years.

That's important since over-contributions are subject to a monthly tax of 1 per cent for each month the excess amount stays in your TFSA. Submit Comment. Owen Winkelmolen. Fee-for-service financial planner and founder of PlanEasy. Free Resources. Financial planner, personal finance geek and founder of PlanEasy. New blog posts weekly! Tax planning, benefit optimization, budgeting, family planning, retirement planning and more Related Posts….

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