Jan 19 17:48
4 mos ago
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English term
Türkiye
Masoud Kakouli Varnousfaderani 
The Best or Nothing
Native in: Persian (Farsi) 
Works in: English to Persian (Farsi), Persian (Farsi) to English, Persian (Farsi), and 1 more.
contribution room
English
Science
Economics
Residents with a Canadian Social Insurance Number start accumulating TFSA (Tax-Free Savings Account) contribution room when they turn 18, whether or not they open an account at that time.
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8 mins
Michael Beijer
United Kingdom
United Kingdom
Native in English
&
English
Works in field
United Kingdom
Experienced technical/patent translator
Native in: English (Variants: US, British)
Works in: Dutch to English, Flemish to English, English to Dutch, and 2 more.
Related KudoZ points
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4
Selected
the maximum amount you can deposit to your TFSA
see: https://www.theglobeandmail.com/investing/personal-finance/t...
TFSA Contribution Limit
Introduced in 2009, the Tax-Free Savings Account (TFSA) is available to Canadian residents age 18 or older. In addition to cash, a TFSA can hold several other investments such as bonds, stocks, and mutual funds. Any interest income, dividends or capital gains earned in the account are not taxed and withdrawals can be made tax-free. There is an annual TFSA contribution limit, raised to $7,000 for 2024, and any unused contributions from one can year can be carried forward to the next year. Your contribution room, the maximum amount you can deposit to your TFSA, consists of the current year's contribution limit, any unused contribution room that you have accumulated from previous years and the total value of withdrawals made in the previous year. Any contribution made to a TFSA beyond the maximum amount is considered an over-contribution, and the Canada Revenue Agency (CRA) will charge a penalty of 1 per cent per month on the excess contribution until it is withdrawn.
TFSA Contribution Limit
Introduced in 2009, the Tax-Free Savings Account (TFSA) is available to Canadian residents age 18 or older. In addition to cash, a TFSA can hold several other investments such as bonds, stocks, and mutual funds. Any interest income, dividends or capital gains earned in the account are not taxed and withdrawals can be made tax-free. There is an annual TFSA contribution limit, raised to $7,000 for 2024, and any unused contributions from one can year can be carried forward to the next year. Your contribution room, the maximum amount you can deposit to your TFSA, consists of the current year's contribution limit, any unused contribution room that you have accumulated from previous years and the total value of withdrawals made in the previous year. Any contribution made to a TFSA beyond the maximum amount is considered an over-contribution, and the Canada Revenue Agency (CRA) will charge a penalty of 1 per cent per month on the excess contribution until it is withdrawn.
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3 hrs
English term (edited):
TFSA (Tax-Free Savings Account) contribution room
maximum deposit on which interest is paid tax-free
nuances ...
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