Can your budget handle the 2015 TFSA annual limit change? : The Saturday Weekend Review #118

STASH MORE CASH IN A TFSA   Ottawa has confirmed that we don’t need to wait for the 2015 budget to pass to take advantage of the new TFSA annual limit for 2015.   TFSA Annual Increase   Saving may have gotten easier but you must have the cash if you want to take advantage of this 82% TFSA annual increase. The new TFSA increase means the lifetime contribution room is now $41,000 up from $36,500 and you can pack away up to $10,000 a year up from $5,500. That means if you’ve already made your 2015 lump sum contribution for the year you now have room for an additional $4,500. Not many people have a spare $4,500 or even the max $10k kicking around so don’t get too worried if your budget can’t handle the extra TFSA contribution room. If you have it, you have it, if you don’t you don’t. No sense stressing over what you can’t change. Unless of course you are able to work more hours to earn more or find getting a second job worth it. There were plenty of years I wished I could max out my RRSP and couldn’t because our budget just […]

%d bloggers like this: