Can random contributions to TFSA occur or just monthly? | Tax Free Savings Accounts | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
sp_Search Search
Advanced Search
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Search Search
Go to Bottom
No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Can random contributions to TFSA occur or just monthly?
July 9, 2011
11:25 am
PeteW
Guest
Guests
Go to Top
1sp_Permalink sp_Print

No matter how I query it, no site tells me if you must stick to a monthly or annual deposit protocol; or if you may put in $2,500 in March and another $2,000 in July.

July 9, 2011
11:33 am
Peter
Admin
Forum Posts: 1441
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline
sp_UserWebsite
Go to Top
2sp_Permalink sp_Print

You can contribute at any rate you'd like, even a dollar a day. Just remember that withdrawals affect your contribution room until the next calendar year.

July 9, 2011
4:03 pm
PeteW
Guest
Guests
Go to Top
3sp_Permalink sp_Print

Thanks. So to ask the question slightly differently, if I started at $1 down and a dollar a day, could I switch to lump sums two months later? Just to confirm you understood.

July 9, 2011
4:31 pm
Peter
Admin
Forum Posts: 1441
Member Since:
May 15, 2007
sp_UserOfflineSmall Offline
sp_UserWebsite
Go to Top
4sp_Permalink sp_Print

Yup, the rate of contribution can be different throughout the year as well.

July 9, 2011
5:52 pm
Doug
British Columbia, Canada
Member
Members
Forum Posts: 4273
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline
sp_UserWebsite sp_Twitter sp_Facebook sp_LinkedIn sp_YouTube
Go to Top
5sp_Permalink sp_Print

PeteW, yes you can contribute whatever amounts you want. I would caution you, though, if you plan on reaching your contribution limit (current year plus unused in previous years) to track your contributions amongst all your TFSAs so as not to incur the penalty tax from CRA for over-contributions. 🙂

Cheers,
Doug

July 10, 2011
5:22 am
PeteW
Guest
Guests
Go to Top
6sp_EditHistory sp_Permalink sp_Print

Thanks, Peter & Doug. Will tread carefully and hope that interest rates reach the point where it's actually worth sheltering.

No permission to create posts
sp_Feed All RSS
Go to top

Please write your comments in the forum.