TFSA contribution

Preparing for life after work. RRSPs, RRIFs, TFSAs, annuities and meeting future financial and psychological needs.
Post Reply
meggie123
Newcomer
Newcomer
Posts: 2
Joined: 19 Mar 2017 23:29

TFSA contribution

Post by meggie123 »

I have been living out of the country since I was about 20 and will be moving back to Canada in a few years with my family. Since I have been living abroad I haven't been contributing to my TFSA and was wondering if I am allowed to back contribute for all the years I didn't deposit any money?
User avatar
AltaRed
Veteran Contributor
Veteran Contributor
Posts: 33398
Joined: 05 Mar 2005 20:04
Location: Ogopogo Land

Re: TFSA contribution

Post by AltaRed »

No. See http://www.cra-arc.gc.ca/tx/ndvdls/tpcs ... n-eng.html and in particular
Starting in 2009, TFSA contribution room accumulates every year, if at any time in the calendar year you are 18 years of age or older and a resident of Canada.
You have to be resident in Canada for at least part of a calendar year to gain contribution room for that year.
Imagefiniki, the Canadian financial wiki The go-to place to bolster your financial freedom
meggie123
Newcomer
Newcomer
Posts: 2
Joined: 19 Mar 2017 23:29

Re: TFSA contribution

Post by meggie123 »

But I am still techincally a resident of Canada as I pay taxes to the Canadian government. So even though I am paying taxes in Canada, I lose all that free space.
User avatar
DavidR
Veteran Contributor
Veteran Contributor
Posts: 1937
Joined: 30 Oct 2005 08:33
Location: Toronto

Re: TFSA contribution

Post by DavidR »

meggie123 wrote: 21 Mar 2017 00:19 But I am still techincally a resident of Canada as I pay taxes to the Canadian government. So even though I am paying taxes in Canada, I lose all that free space.
Are you 25 years old, or 35? Ie. How long have you been out of the country? And you've been filing Canadian tax returns every year - why?
User avatar
GreatLaker
Contributor
Contributor
Posts: 662
Joined: 16 Dec 2014 13:02
Location: Toronto

Re: TFSA contribution

Post by GreatLaker »

When I was young, I was poor. Now, after years of hard work, I am no longer young.
Post Reply