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How can you open a TFSA?

It’s easy to open a TFSA. There are 3 main criteria:

  • 18 or older 
  • Have a Canadian social insurance number 
  • Are a Canadian resident

How much money can you put in a TFSA?

The Canada Revenue Agency (CRA) allows a specific amount of contribution room each year. Contribution room is cumulative so any room from previous years continually carries over – meaning you can continue contributing as your total contribution room grows annually. For instance:

2020 annual contribution limit - $6,000

Total cumulative contribution room available in 2020 (for someone who has never contributed and turned 18 before 2009) - $69,500

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