Sentences with phrase «tfsa contribution room»

Rule # 2 Withdrawals this year add to * next * year's TFSA contribution room.

It seems to me that if the government won't increase RRSP contribution room for high earners, a reasonable alternative might be to modestly increase TFSA contribution room for everyone.

First off — when you say that you «re-invested» the waived penalty, did you have enough TFSA contribution room for this contribution?

Sample Situation: So using someone has contributed the maximum to their 2009 and 2010 TFSAs, then withdrew $ 3K in Sept 2010, this would mean: 2011 TFSA contribution room = 2011 $ 5K + unused prvious years + last year withdrawals = $ 5K + $ 0 + $ 3K = $ 8K So for 2011, the maximum they can put into * all * TFSAs is $ 8K.

You don't need earned income to qualify for the annual $ 5,500 TFSA contribution room.

TFSA contribution room now sits at $ 36,500 for every Canadian who was at least 18 in 2009, or $ 73,000 for couples — a sizable amount of money.

Because unused contribution room is carried forward, if someone who is 18 today starts saving for retirement when she is in her late 30s, she'll find she already has $ 100,000 of TFSA contribution room.

Working with my business partner at TriDelta, Asher Tward, we have tried to integrate the projected changes in tax rates and TFSA contribution room.

If you simply walk into your financial institution and withdraw all your TFSA funds and walk across the street to a competitor to make a new contribution, unless you have unused TFSA contribution room carried forward, you will be in an over-contribution situation and subject to penalty tax.

If you turned 18 prior to this year, your TFSA contribution room will be $ 5,000 per year starting from the year you turned 18 or 2009, whichever is later up to to 2012.

After all, you never really lose TFSA contribution room and can replenish it when you're flush later in the year or in the future.

While it can be tricky to locate your TFSA contribution room information, you can start at one of the following Canada Revenue Agency websites: My Account; MyCRA; or Tax Information Phone Service (TIPS).

You will not earn additional TFSA contribution room for any year in which you do not reside in Canada.

Since 2009, TFSA contribution room is earned for each year that you are at least 18 years old and a resident of Canada.

Note that contributions will reduce the TFSA contribution room and withdrawals will increase the TFSA contribution room * the next year *.

While TFSA contribution room is very limited, there may be situations where adding to non-registered savings is preferable to further RRSP contributions, Rempel says.

Assuming you turned 18 in 2011, are a Canadian resident for both years and have made no TFSA contributions — your TFSA contribution room will be 2 times $ 5K, which totals $ 10k.

Know what your TFSA contribution room is before you show up to the meeting, says Birenbaum.

«Investment losses within a TFSA are not considered a withdrawal and therefore are not part of a client's TFSA contribution room.

Consider the following example: You're 26, live in Alberta, and decide to put $ 5,500 in a TFSA annually (it's worth noting that up until this point, you'll have accumulated $ 52,000 in TFSA contribution room).

Fortunately, the Tax Free Savings Account (TFSA) is a perfect vehicle for this and the accumulated TFSA contribution room since the program's launch in 2009 is now $ 25,500: rising to $ 31,000 this coming January.

I hope there will be a debate about how TFSA contribution room should grow in the future.

Seven years from now, we will reach TFSA contribution room of $ 50,000 per person.

All one has to do is early in the new year - add to the running total the yearly TFSA contribution room and last year's withdrawals.

After receiving my Notice of Assessment (NoA) from the CRA, I found that the summary section listed that I had a TFSA contribution room of $ 10,000 for the year 2010 (the extra $ 5000 was carried over from the unused room for 2009!).

The amount you can contribute to a TFSA is based on your «TFSA contribution room.»

The only drawback there is that some investors may already have used all their TFSA contribution room.

The first $ 60,000 was considered an exempt contribution (which doesn't require TFSA contribution room) while the remaining $ 2,000 is absorbed by Jenny's available contribution room.

TFSA assets can be transferred to these beneficiaries tax - free (for amounts up to the date of death) but TFSA contribution room is needed to shelter future income from tax.

If the Successor Holder has sufficient TFSA contribution room to absorb the contributions, over-contribution penalties (of 1 % per month) will cease.

Transfers that take place during this rollover period are defined as «exempt contributions» and do not require TFSA contribution room.

3 You should keep records of your TFSA transactions to ensure that you do not exceed your TFSA contribution room.

For more information on your TFSA contribution room or to request a TFSA Transaction Summary of your contribution and withdrawal details please contact Canada Revenue Agency.

I wouldn't call TFSA contribution room limited.

In other words, at least 5.5 million Canadians want the chance to maximize their TFSA contribution room.

TFSA contribution room can be carried forward (accumulated) which is not the case for the Roth IRA.

Assetologist — I disagree — the relative small size of the tfsa contribution room shouldn't change your investment plan.

The Canada Revenue Agency (CRA) will determine TFSA contribution room for each eligible individual who files an annual income tax return.

By combining RRSP contribution room (a little over $ 26,000 now) with $ 8,500 in TFSA contribution room, most people could save about 18 % of their earned income in government - sponsored programs up to just below the point where they are earning $ 200,000 annually.

Also, any unused TFSA contribution room rolls over each year.

Any financial planner will tell you that enough savings to last six to nine months without employment income is the minimum prudent emergency cushion — an amount that can now be well taken care of by the cumulative $ 31,000 in TFSA contribution room now available to any Canadian 18 years of age or older.

You can determine your TFSA contribution room by going through one the following government services My Account, Quick Access, Tax Information Phone Service (TIPS) or by using this spreadsheet.

Personally, I believe you should contribute early in January, not just to maximize your long - term returns but because there's no guarantee the Liberal government will resist the urge to further retrench on TFSA contribution room.

That means any adult over 24 has now accumulated $ 41,000 of TFSA contribution room.

I'd be interested to hear your thoughts on withdrawing from an RRSP in a low income year to fund the TFSA contribution room for that or the following year.

For these good savers, contributing immediately on January 1 to fill all RRSP and TFSA contribution room is optimal.

The total of TFSA withdrawals in a calendar year is added to the TFSA contribution room for the next calendar year.»

John: Just like a RRSP, a TFSA contribution room accumulates regardless of whether an individual has an account or not.

First, the reason to pull out of TFSA is to generate TFSA contribution room that then allows the higher income person to contribute into the lower income person's TFSA thus shifting more investment funds to the lower income person.

But maybe you have no TFSA contribution room.