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If I have never contributed to a TFSA can I?

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Tax-Free Savings Account (TFSA) contribution room is indexed for inflation and annual limits vary by year. Every year, you may contribute (even if you never have before) up to the TFSA contribution limits plus any TFSA withdrawals or unused contribution room from previous years. If you were 18 years or older in 2009 and never contributed to a TFSA, you could have an available TFSA contribution of $63,500 in 2019. You can open several TFSAs however, if you exceed your total contribution limit for the year (including any unused contribution room), there are penalties for over contributing.

To learn more, visit the TFSA hub or the Canada Revenue Agency (CRA) webpage on TFSAs.

Every year, you may contribute up to the TFSA dollar limit plus any TFSA withdrawals or unused contribution room from previous years.

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