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Can a TFSA hold foreign currency and if so, how does that affect contribution limit?



Our response:

The contribution limit for a Tax-Free Savings Account (TFSA) is in Canadian dollars. It is possible to contribute foreign funds to a TFSA. Your financial institution will convert the funds to Canadian dollars at the respective exchange rate on the date of the transaction.

Learn more about the Tax-Free Savings Account by watching the below video.

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