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TFSA's and contribution room


  •  zero_one
    Joined: Jul 2009
    Posts: 293
     zero_one
    Joined: Jul 2009
    Posts: 293
    TFSA's and contribution room 
    2/19/2018 at 1:02 PM
    I have a question maybe someone can answer for me. If you make the max contribution into your TFSA does the interest on that tfsa count towards the contribution room? Would that make you over and then have to pay the penalty?
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  •  Giddyup
    Joined: Apr 2013
    Posts: 473
     Giddyup
    Joined: Apr 2013
    Posts: 473
    TFSA 
    2/19/2018 at 1:07 PM
    No, only your actual contributions count.
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  •  Mater
    Joined: Mar 2011
    Posts: 63
     Mater
    Joined: Mar 2011
    Posts: 63
     
    2/19/2018 at 1:07 PM
    Short answer is no penalty. It's based off of principal amount entered. All interest/gains is tax free and free from penalty.
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  •  zero_one
    Joined: Jul 2009
    Posts: 293
     zero_one
    Joined: Jul 2009
    Posts: 293
    .................................... 
    2/19/2018 at 1:18 PM
    Sorry this is all new to me. I have another question. Lets say you have never put anything towards your tfsa since its been an option. Would you be able to use the previous years since 2009 room to put the max amount of $57,500 in your tfsa?
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  •  $entropy$
    Joined: Apr 2010
    Posts: 1094
     $entropy$
    Joined: Apr 2010
    Posts: 1094
    Contribution Room. 
    2/19/2018 at 1:29 PM
    It carries over from year to year.
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  •  Agora
    Joined: Sep 2011
    Posts: 222
     Agora
    Joined: Sep 2011
    Posts: 222
    Log in 
    2/19/2018 at 3:31 PM
    to your Canada Revenue Agency profile. All your personal contribution limit info (for TFSA and RRSP) should be there.
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