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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

7 thoughts on “Understanding the Tax-Free Savings Account (TFSA) in 2023”

  1. Gravatar for Denden

    Thanks for the info.

  2. Gravatar for Jacinto

    Thank you for the article, very interesting! My wife and I became Canadian residents on April, 2018. Our contribution room would count the year of 2018 and 2019? Also, as we share a commun saving account, could the contribuition be doubled for us?

    • Gravatar for Enoch Omololu


      Congrats on becoming residents of Canada! 🙂
      Your TFSA contribution room starts to accumulate in 2018, and you will EACH have a total contribution room of $11,500 in 2019…for a combined amount of $23,000. For your TFSA accounts, you and your wife will need to open separate TFSA accounts. This does not affect your normal (common) savings account. Hope this helps! Cheers.

  3. Gravatar for Tony


    • Gravatar for Enoch Omololu

      @Tony: you are welcome!

  4. Gravatar for Joules

    Thanks for this post! Wondering where exactly could an international student open a TFSA?

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