TFSA in 2020
Written by
Ryan Gubic
Published on
13
Jan 2020
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A new year, a new decade, and a new opportunity to contribute to your TFSA
2020 Annual TFSA Contribution Limit
The annual contribution limit for 2020 is $6,000.
Did you withdraw from your TFSA in 2019 or previous years?
You can withdraw funds from your TFSA tax-free. It is important to know that during the year you withdraw funds from your TFSA, your contribution limit does not increase by the amount you withdrew. You need to wait for the next calendar year for that amount to be added back to your TFSA contribution limit.It is important to know that the CRA (Canada Revenue Agency) provides rules for the TFSA and the rules may change from one year to another so contact us if you have any questions and we can help.
How much can I contribute?
If you have available contribution room from previous years or if you withdrew from your TFSA in the past, your TFSA contribution limit may be different from the annual limit.You can check your TFSA contribution limit by visiting My Account on the CRA website. It is important to not over contribute as CRA can charge a 1% monthly penalty on contributions over your limit.Questions?Contact us with any questions you have, we can provide you answers.
Ryan Gubic is the founder of MRG Wealth Management Inc. operating as MRG Wealth (“MRG”) and is a Portfolio Manager with MRG investments of Aligned Capital Partners Inc. (“ACPI”). The opinions expressed are not necessarily those of MRG, ACPI, or Ryan Gubic. This material is provided for general information and the opinions expressed and information provided herein are subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on the information presented, seek professional financial advice based on your personal circumstances. ACPI is a full-service investment dealer and a member of the Canadian Investor Protection Fund (“CIPF”) and the Canadian Investment Regulatory Organization (“CIRO”). Investment services are provided through MRG Investments, an approved trade name of ACPI. Only investment-related products and services are offered through MRG Investments of ACPI and covered by the CIPF. Financial planning and insurance services are provided through MRG. MRG is an independent company separate and distinct from MRG Investments of ACPI.
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