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TFSA

Anesu

By Anesu
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Anesu Newbie

Anesu

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Posted

 

 

I am new to EasyEquities and investing as a whole. I do want to ask about the current frenzy about your TFSA and how i should deposit before the 29th of Feb. 2020. Whats the rush and what will i miss out on if i fail to do as such.

e4et Newbie

e4et

Posted
Posted

Hi.

If you miss the 29'th deadline, you've basically missed out on a whole year's worth of contributions into your TFSA.

The current tax year ends on the 29'th, hence all the publicity the TFSA's are getting.

 

You have a R33 000 contribution limit during a tax year, which usually runs from 1st of March to the end of Feb the following year.

The current 2020 tax year is: 1 March 2019 - 29 February 2020.

 

If you plan on making the allotted R33 000 yearly limit, then depositing some funds into your TFSA before the 29'th would be wise, as you can then still continue contributing up to the allowed limit for the rest of the year.

 

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