Sentences with phrase «cumulative contribution room»

The TFSA currently provides up to $ 41,000 of cumulative contribution room to allow investment income to grow tax - free.

In order to ensure that there is no loss in an individual's cumulative contribution room for his or her TFSA, the individual will be permitted to re-contribute amounts previously withdrawn from the TFSA without such re-contribution reducing the individual's otherwise available annual contribution limits.

With $ 25,500 cumulative contribution room rising to $ 31,000 as of January 2014, TFSAs have now attracted a significant amount of capital.

Assuming you put in $ 5,000 in January 2009 and maxed out every year thereafter, with $ 5,500 a year ago and $ 5,500 early in 2014, you would now have $ 31,000 cumulative contribution room: six years worth.

Not exact matches

Every year more room gets added to the contribution limit for everyone 18 and older — and it's cumulative meaning your contribution room builds 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.

Luckily, your total contribution is cumulative, so you can roll over this contribution room year to year.