![]() The CRA reports this amount to individuals through the “My Account” function on the CRA web site ( that contribution limits are not exceeded and contributions are made while the account holder is a resident of Canada, income earned in a TFSA is generally not subject to Canadian taxes. The Canada Revenue Agency (CRA) will track your contribution room. The maximum annual contribution applies to all of your TFSAs held with HSBC or any other financial institution. The annual contribution limit set to $6,000 CAD for 2022. Generally, the maximum contribution room for a year is equal to the total of unused TFSA contribution room from previous years, distributions (withdrawals) from TFSAs made in previous years and the TFSA dollar limit for the year in question. Annual contributions to TFSAs are subject to specific limits. However, the accumulation of contribution room will start at age 18. The age of majority is 19 for residents of Newfoundland & Labrador, New Brunswick, Nova Scotia, British Columbia, Northwest Territories, Yukon and Nunavut, which may delay the opening of a TFSA. ![]() Consult your HSBC branch regarding any eligibility &/or restrictions with setting up an automatic renewal option on your GIC.ģ Only Canadian residents, who are over 18 years of age and have a valid Social Insurance Number, can make contributions to a Tax-Free Savings Account (TFSA). If you don't notify us before maturity, we will automatically re-invest your deposit (either the principal only or principal and any interest earned) at the interest rate applicable on the date of renewal, to help maximize the growth of your savings. Terms and conditions apply for the special offers: Non-redeemable, non-registered GICs and Registered term deposits.ġ Interest is calculated daily, not compounded, and is paid at the interval as opted by you (which may be monthly, semi-annually, annually or at maturity).Ģ You can opt into our automatic renewal option when purchasing your GIC. * All rates are as of Jand are subject to change without notice.
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