A good way to double your contribution room may be to income split with your spouse.The spouse that makes the most money could open another account in his or her spouse's name then give the spouse money to put in the account.By doing this you will have doubled your contribution room and the higher income earner effectively contributes to both accounts.Over time this could lead to a sizable reducti ...

If you have not opened a TFSA yet it is good to know that as long as you were 18 or older and a resident of Canada since 2009 your contribution room accumulates.So if you were to open one this year and you do not have any other TFSA's you could contribute $10,000 and of course if you waited until next year (2011) before deciding to open the accountyou could contribute $15,000. ...

If you don't use your full $5000 contribution in any given year any unused contribution room for your TFSA accumulates and you can use it in future years.Canada Revenue Agency will provide you your total unused contribution room on your annual Notice of Assessment so your 2010 Notice of Assessment will show you how much you can contribute as of January 1,2011. ...

From what I understand,if you transfer a security into the TSFA and sell it at a loss,the rules are similar to that of an RRSP.You cannot buy the same security back for 30 days and claim that loss.This according to a financial advisor on a show on BNN the other day.If anyone can either verify or refute this statement by all means do so.Also,if there is anyone who could clear up any interest questi ...

Here is one of the comments on this blog.I will paste the comment and provide some answers to the best of my knowledge regarding the TFSA's.If anyone reading my response can add to or clarify please do.................................................................................................................................................................................................COMMEN ...