Do I need a minimum income to contribute to a TFSA?


Angela Iermieri | Financial Planner | Desjardins Group

Updated on January 10 2019

No. As soon as you turn 18, your contribution room begins accumulating each year, even if you earn no income.

The annual limit is $6,000. If you contribute less than the limit, the remaining amount will be deferred and added to the following year's limit.

So, can I withdraw money from my TFSA account whenever I want? 
That depends on the investment product. Certain products, such as the TFSA savings account, offer the flexibility to withdraw money at any time.

However, the tax benefit of the TFSA is to generate tax-sheltered investment income. To take full advantage of this, you should choose to invest in long-term investments that offer a more attractive return potential. 

If there are any questions, send them to us along with any comments you may have.

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