TFSA CONTRIBUTION LIMIT HAS INCREASED

 One of the major changes introduced in the 2015 federal budget was the increase in the annual contribution limit for Tax Free Savings Accounts (TFSA) from $5,500 to $10,000, effective January 1, 2015. This new annual limit will apply to 2015 and all subsequent years and will no longer be indexed to inflation.

If you have not established a Tax Free Savings account yet, you would be able to carry forward all your contribution room since 2009 and contribute $41,000 to your TFSA in 2015.

Comments Off on TFSA CONTRIBUTION LIMIT HAS INCREASED   |   Posted in Investments,Latest News,Retirement Planning,Tax Planning August 03, 2015

Comments are closed.