CRA: 3 TFSA Mistakes to Avoid With Your New $75,500 Limit

Author: External Author | | Categories: Accounting Services , Bookkeeping , Cloud Bookkeeping Services , Full Cycle Bookkeeping

The Tax-Free Savings Account (TFSA) is a unique investment tool that helps Canadians meet their financial goals, short-term and long-term. It has been around since 2009, and the contribution room keeps accumulating every year.

With the new $6,000 contribution limit in 2021, anyone who hasn’t opened one but is eligible, the available contribution room is now $75,500. If you have that much to invest, all interest, gains or investment income you generate are tax-free. Users who maxed out their limits in 2020 can contribute again to earn more tax-free money.

Read More

Original Article Source Credits:   The Motley Fool , https://www.fool.ca/

Article Written By:  Christopher Liew, CFA

Original Article Posted on:  January 12, 2021 

Link to Original Article:  https://www.fool.ca/2021/01/12/cra-3-tfsa-mistakes-to-avoid-with-your-new-75500-limit/



READ MORE BLOG ARTICLES