$6000 can be added to Tax-Free Savings Accounts (TFSA) for 2020. If you were born in 1991 or earlier you can have up to $69,500 of contribution room. Always verify your contribution room before adding additional amounts to be sure you’re not over-contributing.
Good news the TFSA contribution room got an inflation bump from $5500 to $6000 for 2019. You may also have unused contribution room from previous years. Contact us to see how a TFSA fits in your financial plan.
March 1, 2019 is the last day to contribute to an RRSP and receive a deduction for your 2018 taxes. Contact us to discuss how to get an RRSP working for you.
Canadians are learning more about TFSAs but many still don’t know/understand what investments are eligible for TFSAs. TFSAs can hold more than just cash. BMO Annual TFSA Report
