Retirement 101 eBook - 3D

Author

Photo of author
Enoch Omololu

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 has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

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 TFSA in 2021”

  1. 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?

    Reply
    • @Jacinto:

      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.

      Reply
Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

EXCLUSIVE OFFER
Get a $75 cash bonus when you open and fund your first Wealthsimple account
* Terms & Conditions Apply. Fund account with min. $500 deposit. Applies only to Wealthsimple Invest accounts.
1.0K Shares
Share
Pin
Tweet
WhatsApp
Reddit