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I don't understand, TFSA max contribution for the year is 5.5k with current cumulative of 46.5k so how can you end up with a perpetual tax free account for more
by lazyant 11y ago
I don't understand, TFSA max contribution for the year is 5.5k with current cumulative of 46.5k so how can you end up with a perpetual tax free account for more than that?
- kspaans 11y agoAny gains made to assets inside of the account are tax free. So if you put in $4k worth of stocks one year and they increase in value by 1000%, that's still allowed by the TFSA rules. If you never contributed at all and were starting today, that is when are restricted to the cumulative amount.