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Can I open a new TFSA in any amount?



Our response:

Thank you for your question, JaneAnn.

TFSA contribution room is indexed for inflation and annual limits vary by year. If you don’t contribute the full amount each year, you can carry forward the unused amounts, based on the contribution limits for each year. The contribution limit for 2018 is $5,500.

Learn more about TFSAs and comparing TFSAs and RRSPs. You can also learn how to find out your TFSA contribution room from the Canada Revenue Agency.

Speak to a financial advisor or tax professional for advice about the options that work best for your investment plan.

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