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TFSA BACK TO $5,500 AS OF JAN. 1

It’s official. The $10,000 TFSA limit is rolling back to $5,500. The change is effective January 1, 2016, so clients will not be affected for 2015.

That means there’s no rush to contribute, says Jamie Golombek, managing director, Tax and Estate Planning with CIBC Wealth Advisory Services. “You’ve got an indefinite amount of time to top up to $10,000,” he explains. “The legislation says the 2015 limit is staying at $10,000, so if you don’t have the money this year, you can top up in 2016″ or later. “Remember, the TFSA contribution room carries forward annually automatically.”

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