Starting to really have to watch bank employees locally. Too many of their new hires seem to know almost nothing. We have a vehicle called a tax free savings account. With a yearly limitation in your contributions. Any earnings in it are totally tax free.


If you over contribute to it you get penalized. Last Friday the wife mentioned to me she put 22K into hers as they told her she had that much room. I did not think she had. So the bank person might have made a misteak when informing her.


I hope Monday I can get it corrected. Normal contribution yearly limit is currently 5.5K. They were going to boost it to 10K a year until too many people complained this was just for the more well off. Ceiling of total contributions is 69.5K a person this year and you can self administer it yourself. My wife neglected to contribute last year so is allowed that room in make up this year. She just should not have had 22.5 K of room. An estimated fifty percent of Canadians use this vehicle.