TFSA

Tax Free Savings Account (TFSA) was introduced in 2009 by the Conservative Government. The annual contribution limit was increased to $10,000 in 2015 and reduced to $5,500 for 2016 and 2017 by the new Liberal Government.
You must be age of 18 or over to qualify and earn contribution room.

In 2017 you can contribute up to $52,000 to a TFSA (assuming that you have never contributed to a TFSA and you were 18 or over in 2009).

Here are the annual contribution limits since this amazing savings vehicle was first introduced:

• $5,000 in 2009
• $5,000 in 2010
• $5,000 in 2011
• $5,000 in 2012
• $5,500 in 2013
• $5,500 in 2014
• $10,000 in 2015
• $5,500 in 2016 (new Liberal Government)
• $5,500 in 2017

 Rules:
- if you don't use your contribution room in one year, it caries forward to the next years;
- if you make withdrawals during the year, that amount can be re-contributed only after January 1 of the following year.
Example 1: in 2017 you contribute the maximum amount of $52,000. You make a withdrawal of $10,000 during 2017. You are allowed to re-contribute the $10,000 only after Jan 1, 2018. If you contribute before this date you will get penalized by CRA.
Example 2: you contribute $40,000 in 2017 and before. During 2017 you withdraw $10,000. Now you have only $30,000 in your TFSA. You can still contribute $12,000 to max out your contribution room. The $10,000 you withdrew in 2017 can be re-contributed only after Jan 1, 2018.
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For a limited time Tangerine Canada offers a $50 Bonus for new clients who open a TFSA account with minimum $100 initial deposit 2.4% interest on new deposits for 6 months when you use the Orange Key 48209770S1.
Add a Chequing Account and if you direct deposit your payroll/pension into your new chequing, you get $75 Bonus!

Here are the steps to get the $50 Bonus +$75 + 2.4% interest:
1. Enroll for Tangerine TFSA Account using the Orange Key 48209770S1 (go to https://www.tangerine.ca/en/saving/savings-accounts/tax-free-savings-account/index.html to enroll)
2. Make an initial deposit of $100
3. If you want open a Chequing Account and switch your payroll/pension
4. $50 + $75 BONUS money will be deposited into your account.