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10-09-2018, 06:54 PM
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Join Date: Nov 2008
Posts: 11,285
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TFSA question
I am at my limit for the year but have lots of room for years gone by. Can I just keep contributing without making any adjustments?
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“One of the sad signs of our times is that we have demonized those who produce, subsidized those who refuse to produce, and canonized those who complain.”
Thomas Sowell
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10-09-2018, 07:07 PM
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Join Date: Jul 2009
Posts: 403
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Yes you can.
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10-09-2018, 07:12 PM
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Join Date: Dec 2012
Location: At the end of the Thirsty Beaver Trail, Pinsky lake, Alberta.
Posts: 24,497
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Yup, dump in up to your allotted max if you want....or I can hold it for you
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Be careful when you follow the masses, sometimes the "M" is silent...
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10-09-2018, 07:56 PM
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Join Date: Feb 2012
Location: Blackfalds
Posts: 6,935
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You get $5500/year even if you don’t use it (plus the years Harper increased it)
Your contribution amount compounds
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10-09-2018, 08:03 PM
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Join Date: Jun 2014
Posts: 1,264
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Should be $54000 you can put in I believe
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10-09-2018, 08:55 PM
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Join Date: Dec 2007
Location: Devon
Posts: 28
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Here are the year by year and total contribution limits ;
Year TFSA Annual Limit
2009 $5,000 $5,000
2010 $5,000 $10,000
2011 $5,000 $15,000
2012 $5,000 $20,000
2013 $5,500 $25,500
2014 $5,500 $31,000
2015 $10,000 $41,000
2016 $5,500 $46,500
2017 $5,500 $52,000
2018 $5,500 $57,500
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10-10-2018, 06:24 PM
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Join Date: Jun 2018
Posts: 114
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Quote:
Originally Posted by BGS906
Here are the year by year and total contribution limits ;
Year TFSA Annual Limit
2009 $5,000 $5,000
2010 $5,000 $10,000
2011 $5,000 $15,000
2012 $5,000 $20,000
2013 $5,500 $25,500
2014 $5,500 $31,000
2015 $10,000 $41,000
2016 $5,500 $46,500
2017 $5,500 $52,000
2018 $5,500 $57,500
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This is correct. My wife and I sold our acreage and had a lot of cash. We each contributed $45,000 this year to top us both up to $57,500.
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10-10-2018, 06:41 PM
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Join Date: May 2007
Location: SE, Saskatchewan
Posts: 671
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Make sure you dont over contribute. Big penalty. Takes about 6 months to find out it happened.
Been there done that.
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10-10-2018, 09:29 PM
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Join Date: Sep 2016
Location: Calgary
Posts: 361
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Quote:
Originally Posted by DiabeticKripple
You get $5500/year even if you don’t use it (plus the years Harper increased it)
Your contribution amount compounds
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Plus anything you widthdrawl is added back to your limit next year.
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10-10-2018, 09:37 PM
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Join Date: Dec 2012
Location: At the end of the Thirsty Beaver Trail, Pinsky lake, Alberta.
Posts: 24,497
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Quote:
Originally Posted by 220 Swift
Make sure you dont over contribute. Big penalty. Takes about 6 months to find out it happened.
Been there done that.
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Only if you dont pay attention....had a buddy say that he had issues asked why and he said his financial advisor screwed up....hmmmm asked him how is it that you trust some one on such a simple and I mean simple investment?
Jeepers it is real simple but then again
Milk comes from the store.....
__________________
Be careful when you follow the masses, sometimes the "M" is silent...
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10-10-2018, 09:50 PM
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Join Date: May 2007
Location: SE, Saskatchewan
Posts: 671
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Quote:
Originally Posted by 58thecat
Only if you dont pay attention....had a buddy say that he had issues asked why and he said his financial advisor screwed up....hmmmm asked him how is it that you trust some one on such a simple and I mean simple investment?
Jeepers it is real simple but then again
Milk comes from the store.....
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Yes this is correct. How i did it was more than one financial institution and i bought the first year they come out then did again at another institution about 5 years later filling all the years up.
Yes it was my mistake but the silver lining was that i did well on the investment to cover the cost. But as I mentioned was hefty fines.
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