As of January 1st 2020 we can add another $6000 to our Tax Free Savings Accounts, and replace any money taken out in previous calendar years.
• The cumulative TFSA contribution total as of 2020 is now $69,500 (plus growth).
• Don’t forget there are a wide variety of investment options available for these tax free savings accounts, including high interest savings accounts for your emergency fund or short term needs. For longer term investments though, maximize the advantages of greater tax free growth and consider mutual funds, segregated funds, ETFs and managed portfolios to provide you with greater tax free growth potential.
• If you don’t have cash available, consider transferring investments from a taxable account to your TFSA. There may be tax consequences so be sure to get professional advice to make sure this makes sense for you.