I get asked fairly frequently about TFSAs and how the limit will work going forward. Yesterday the finance minister shed light on how things will work going forward and its reviewed in this article: http://www.bnn.ca/News/2015/12/7/Lib...on-limits.aspx
- If you haven't contributed anything to your TFSA you can put up to $41,000 per person into the account for 2015
- This will rise to $46,500 for 2016
- One critical point that hasn't changed is that you can invest these funds into almost anything (stocks, bonds, GICs, ETFs, Mutual Funds). I think they ought to have named this a Tax Free Investment Account instead of Savings because a lot of people think it has to be a straight savings account.