New TFSA Contribution Room for 2013
The new TFSA contribution limit for 2013 is $5,500. Please keep in mind that the limit for each year prior to 2013 was $5,000. This means that the total amount you can invest in TFSAs to the end of 2013 is $25,500.
It's up to you to track your TFSA contribution limits, so please be sure you are not over-contributing. Over-contributions are subject to a 1% per month penalty tax until the funds are removed from the TFSA or additional room becomes available with a new calendar year.
If you're unsure of your contribution room, you can verify your limits in one of the following ways:
- Call the Canada Revenue Agency (CRA)'s TIPS line at 1.800.267.6999.
- Use CRA's My Account.
- Use CRA's Quick Access.
To contribute to your Outlook TFSA, fill out the Deposit Form and mail it and a cheque to us.
If you don't have an Outlook TFSA yet, you can learn how to open a TFSA here. Or if you already have an Outlook TFSA and would like to transfer your TFSAs from another financial institution to Outlook, fill out the Direct Transfer-In form.
Completed forms and cheques should be mailed to:
Outlook Financial
Box 2, Station Main
Winnipeg MB R3C 2G1