Quote:
Originally Posted by sa226
Regarding the highlighted, so even if you haven't opened a TFSA, each Canadian's contribution room has been accumulating since the TFSA was introduced?
Didn't know that
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Pretty much. It is $5k per year, every year since it was introduced. It'll be $25k in available room come January.
Quote:
Originally Posted by calgaryrocks
ok, If our accounts are joined, can I transfer money into her tfsa even though I made the money and it won’t count against my contribution room? (background: I have a tfta in which I have so far just about maxxed my contributions, she has a tfsa attached to our bank account which we can transfer money into, she has alot of room left so I might put some of my paycheques into her tfsa)
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Yes you can and it won't affect your contribution room. If the chequing account (or whatever deposit account) is joint then you can transfer to her TFSA without any issues, except of course for the fact that technically you cannot make the contribution, she has to because the TFSA belongs to her and her only. Where the money comes from isn't a big deal.
What I meant is unless you have access to her personal online banking account you shouldn't have any method of doing the contribution for her.
So lets say you have a joint deposit account and you go into the bank and tell them you want to deposit money to her TFSA. If they follow privacy laws they shouldn't even acknowledge to you that she has one.
If you have some sort of online brokerage account, you will need access "her" account to make the deposit because like I said TFSA's belong to one individual only, so you'll have to log in as her. I'm not saying this is a problem or anything, it is quite common, just that technically there is no scenario where you are making the contribution. It is always her making the contribution (even if she is using "your" money from a joint account).