TFSA Limites Going Up Jan 1, 2014

By: Peter Wiesner CPA, CA  15-11-2013
Keywords: accountant, Tax, Estate Planning

The Tax Free Savings Account (TFSA) limit is increasing January 1, 2014 by $5,500. Thus, the current limit in 2013 (25,500) is going up to $31,000 (2014) in total cumulative purchases. Please don't over contribute as a monthly penalty exist on over contributions. If you are changing financial institutions they must do a internal transfer. Also, if you have removed funds during the year and you had been at the maximum contribution level, you need to wait to January 1, 2014 to reload the TFSA as the withdrawals made during the year reset on January 1 of the following year.

Keywords: accountant, Business Accountants, chartered accountant, Chartered Professional Accountant, Estate Planning, Tax, tax planning, Tax Return Accountant, Tax return preparation

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