Q&A With Gordon Pape: What Is the Lifetime Limit for a TFSA Contribution?

Gordon Pape | September 23rd, 2019

(Photo: Stevepb/Pixabay.com)

How much can he contribute – and is this a good fund?

Q – I know of someone 63 years of age who does not hold a Tax – Free Savings Account. How much is he eligible to contribute, starting now? Also, how much did the Mawer Balanced Fund drop in 2007 – 2009? — Shelia H.

A – Your friend could contribute up to $63,500 to a TFSA in 2019 — that’s the lifetime limit to this year.

Between Jan. 1, 2007 and the market bottom on March 2009, the Mawer Balanced Fund lost about 17 per cent. — G.P.

Photo of Gordon Pape

Do you have a money question you’d like to ask Gordon? Send it along and then check out our Q&A section regularly to see if it was chosen for a response. Send questions to [email protected] and write Zoomer Question on the subject line. Sorry, we cannot send personal answers.