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Ravi Soni

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How much TFSA room do you actually have?

Room starts in the year you turned 18 while resident in Canada for tax purposes — not in 2009. Getting this wrong costs 1 per cent per month, quietly, for years.

Room does not start before you were 18, no matter when you arrived.

For most newcomers this is the year you landed. If you were born here or arrived as a child, enter 2009 or earlier.

$

Every deposit ever made, across every institution. Not the current balance.

$

Before this calendar year only. Money withdrawn this year does not restore room until 1 January — this is the mistake that costs people money.

Not sure which year you became a tax resident?

It is not always the year you landed, and it changes the number substantially. Worth twenty minutes to get right before you deposit anything.

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