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I had a TFSA that I cashed out as I moved back to the states for a few months. 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?


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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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