Canadian TFSA Question

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Nobody's older than 16 in here? Anyone?

>>1707281

I am pretty sure you can put in $5000-5500 for every year since it was created (2009). So you can stuff like 40,000+ in there assuming you haven't used up that contribution limit in the past.

Depends on how old you are.

>>1707333
Ok!

>>1707334
Ok so I guess it's (all the limits since 2009 or since I'm 18) cumulatively?

So it would be something like
2017 $5,500 +
2016 $5,500 +
2015 $10,000 +
2014 $5,500 +
2013 $5,500 +
2012 $5,000 +
2011 $5,000 +
2010 $5,000 +
2009 $5,000 +

So this year, for somebody who began investing in TSFA in 2009, the limit would be something like:
$52,000

Right?

>>1707340
Someone who was 18 in 2009 would have 52K in room. How old are you?

Yeah, you might have 52k in room, but you can only add 5500 per year, even if you have the 52k sitting around, right?

>>1707357
no . how would that make sense. you'd never hit the limit.

>>1707357
No. You can add 5500 per year after you've reached your maximum. I was 19 in 2009 and thus can add freely past 5500 per year until I hit 52,000. Which I do. I've only been investing in my tfsa since 2014 but I've already got it just north of 40k

>>1707357
>>1707405
that's what's messing with my head

>>1707348
29

>>1707416
That's what I've been doing without any repercussions but I've been told it wasn't the way to go. Maybe the person who told me so is just a plain ol' wrong retard. If that's the case then I'll be happy to max it out.

I couldn't in fact just drop 30 000$ into my TSFA though? If I follow your logic it wouldn't matter but I still have my doubts.

>>1707333
no wrong

>>1707281
yes 5.5k is the limit

>>1707479

>The TFSA contribution limit for 2016 is $5,500. You can also carry forward any unused contribution room from previous years. The annual contribution limit was $5,000 from 2009 to 2012, $5,500 from 2013 to 2014 and $10,000 for 2015.

https://www.tdcanadatrust.com/products-services/banking/accounts/tax-free-savings-account/tfsa-qa.jsp

Thanks all for the answers! Another canadian-bank related question: Where's the best place right now to place a few dozens thousands without too much risk? I place some on the stock markets for fun and profits but I always keep most of my savings somewhere safer. Any suggestions?