Thursday, November 28, 2019

6 really useful things you can do with your TFSA

Here is the article.

My takeaway is the following:

You can “refill” your TFSA. Unlike RRSPs, RESPs or any other registered accounts, your TFSA contribution limit isn’t a one-time thing. Suppose, for example, you’ve contributed the maximum to your TFSA this year, but then need to withdraw $10,000. (Remembering, of course, that there’s no tax on the withdrawal, whether you’re withdrawing principal, interest or investment growth.) Next year, in addition to the regular annual contribution limit, you’ll be able to re-contribute that $10,000. Just don’t try re-contributing in the same calendar year that you take it out, if you’ve already used up that year’s contribution room.

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