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