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Daily Stock Market Update - TFSA in 3 Minutes
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Tune in for your daily stock market update in 3 minutes
fresh year fresh TFSA contribution room. First off what is the TFSA?
-investment account for each Canadian adult -all investment gains are tax free -can hold stocks, bonds, GICs, mutual funds
-What are the rules for contributing?
-every year contribution room is accumulated -6k in 2021 (that number is indexed for inflation) -adult born before 2001 has accumulated $75,500 contribution room -unlike RRSP, no tax deduction when contributing
-what are the rules for withdrawal?
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