For 2014 you have received $5,500 additional contribution room for your Tax Free Savings Account (TFSA). With a TFSA you can also make contributions for previous years if you did not contribute the full annual amount or if you made a withdrawal from your account. If you have not yet opened a TFSA, you have the potential opportunity to contribute up to $31,000 (or a total of $62,000 for both spouses’). In a TFSA, interest, dividends and growth on your investments are sheltered from taxation.
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