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Canadian Investing / Canada - RRSP Strat / Taxation

URL:  http://boards.fool.com/i-only-wish-they-did-this-5-or-10-years-28858602.aspx

Subject:  Re: Tax Free Savings Account Date:  10/31/2010  5:29 PM
Author:  colibri2011 Number:  1177 of 1193

'I only wish they did this 5 or 10 years ago............however, I will take what I can get.'

'The other good thing about it, if I have 15000 in and take out 9,000 to spend, I can put that 9,000 back in anytime.'


Points on this:

1. TFSA only stated in 2009. Max per year you can put in is $5,000. So by early 2011 you can have your whole 15000 in there.

2. You can put back in anything you take out but you have to wait till the next year. If you put in (or back in) more than $5,000 in a year it is considered over-contribution and has a tax penalty.

Check the rules with your bank.
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