Q: In response to Brenda, the Liberal government has made it clear that the TFSA limit for 2016 is going to be $5,500, so there really isn't a reason to put $10,000 in for 2016 even if the legislation isn't finalized by January 1, 2016.
At best, you will have the administrative headache of later having to remove the amount without penalty. At worst, you will have the administrative headache of later having to remove the amount plus a penalty for the over-contribution.
At best, you will have the administrative headache of later having to remove the amount without penalty. At worst, you will have the administrative headache of later having to remove the amount plus a penalty for the over-contribution.