A Canadian who lived abroad thought she followed TFSA contribution rules, but CRA surprised her with a penalty tax
The 2026 tax-free savings account (TFSA) dollar limit is $7,000, but the amount you can contribute is based not only on the current year’s limit but on prior years’ limits, contributions and withdrawals.
However, there’s a catch: To accumulate annual contribution room for a particular calendar year, you must be at least 18 years of age and be a resident of Canada for tax purposes in that calendar year.
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