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Canadian Investing / Canada - RRSP Strat / Taxation

URL:  http://boards.fool.com/now-back-in-canada-is-there-anything-preventing-29300828.aspx

Subject:  Re: TFSA Question Date:  5/15/2011  3:47 PM
Author:  IKan Number:  1185 of 1189

Now back in Canada, is there anything preventing me from opening up another TFSA in the same fiscal year? Will this look odd to the CRA?



Nothing odd that I am aware of. I have read of people with more than one TFSA account.

You can open as many TFSA accounts as you like.
However, you can only contribute up to the max of $5,000 per year, once, total sum of all accounts.

One thing to be mindful of is if you contributed $5,000 in January 2011 then you cannot contribute one more penny until 2012. In 2012 you will also be able to re-contribute any moneys that you withdrew previously.

IKan
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