2013 TFSA CONTRIBUTION LIMIT RISES TO $5500
We are pleased to report that the Federal Government announced today that the contribution limit in 2013 for TFSAs will be $5500 ($500 more than the limit that was set at the outset in January 2009).
As of January 1, 2013 you can make your Tax-Free Savings Account (TFSA) contribution for 2013 (up to $5,500). If you havenít opened your TFSA yet, you can also make your 2009-2012 contributions, up to $5,000 per year, for a total contribution of $25,500.
Introduced in January 2009, the TFSA enables you to earn tax-free investment income, including interest, capital gains and dividends, which results in greater growth compared to a regular taxable account. You can make tax-free withdrawals any time, for any reason, and any amount you withdraw is added back to your available contribution room the following year.
A TFSA is also a great way for you to reduce your familyís overall tax bill. Your spouse and any adult children (aged 18+) can each contribute up to $5,500 to their own TFSAs in 2013, even if they donít have any earned income. If your family members have not yet opened up a TFSA, we can advise how much contribution room they have available.
To make your TFSA contribution, or if you have any questions, please contact Louise Fry at (604) 665-3102 / firstname.lastname@example.org Penny Yuan at (604) 665-0684 / email@example.com. We would also be pleased to assist your family members with their TFSA contributions.