Can you have two tfsa accounts

Penalties for over-contributing to a TFSA are steep. You can find your TFSA contribution room on the CRA website or by calling CRA, but the information is not always up-to-date for the previous year until the middle of the following year.

Sign Up and Stay Informed Receive future articles and insights from us. Search Insights. Please Select So, if you open more than one TFSA, make sure you have a way to track your contributions. Possibly paying more in fees. If you have multiple managed accounts that charge fees, then consolidating your accounts in one place may be wise.

It works when the higher-income spouse gives money to a lower-income spouse to contribute to their TFSA. There are potential negative tax implications when attempting such a maneuver using non-registered investments. Talk to an advisor about what might make sense for you. For estate planning purposes, you have two options to leaving your TFSA to a spouse. You can name either:.

The rules can be complicated and different in Quebec. A Sun Life advisor can help you make decisions and maximize your savings. Most advisors now offer to meet Clients virtually by video chat. I want an advisor. Do you have more questions? Here are the answers to some commonly asked questions about TFSAs.

Budget calculator. Which one is right for you? Subscribe to the Brighter life newsletter. This article is meant to only provide general information. Sun Life Assurance Company of Canada does not provide legal, accounting, taxation, or other professional advice. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation.

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If you currently have more than one TFSA account or planning to have more, here are a few strategies you can use to easily manage all the accounts and avoid TFSA penalties:. Having multiple RRSP accounts may even be unavoidable in some cases. For RESPs though, there are very few reasons to have multiple accounts.

In both cases, the same concerns and strategies with managing multiple TFSA accounts still apply. That is:. Yes, you can have a TFSA account at several banks or financial institutions and brokerages. TFSA limits deal with the total contribution you make, not the number of accounts. So in conclusion, can you open multiple TFSA accounts? The answer is YES.

You can open as many accounts as you like. But should you open more than one TFSA accounts? If you decide to go the multiple TFSA accounts route, I hope some of the strategies in this post can help you make the process of managing the accounts easier.