# can you have more than one TFSA?



## twinado (Apr 6, 2009)

I do my saving through ING. Before I had different savings accounts set up for different goals (emergency fund, utilities, Christmas, etc). I would like the savings that will sit there for awhile to sit in a TFSA - might as well. As long as I don't go over the max contribution for the year, can I open several TFSAs with ING or do I have to lump all my savings together in one account?


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## CanadianCapitalist (Mar 31, 2009)

You can have as many TFSAs as you want as long as you don't exceed contribution limits. I believe ING doesn't have a fee for a TFSA but you may want to check with them first.


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## michika (Apr 20, 2009)

I don't pay for my ING TFSA, however when you call to set up the account, I'd double check.


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## nick24 (Apr 3, 2009)

ING does not charge a fee for the TFSA.

And as CC says, you can have as many TFSAs as you like, the golden rule being that you cannot deposit more than $5000 in total this year. 

Also, if you take money out this year, you cannot top it up back to $5000. So, if you have $5000 sitting in there, take out $3000, you cannot put in another $3000 at a later date to bring the balance back to $5000. As I learnt the hard way...

Next year (and subsequent years) you are able to deposit up to the cumulative limit. So next year, I would be able to replace the $3000 as well as deposit $5000.


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## mandy (Aug 5, 2009)

Yes we can open more than one TFSA accounts but we have to follow contribution limit for example you have $5000 maximum contribution limit for a year it means you can hold two accounts of one $3000 and $2000.It means your combined TFSA amount should not be greater than $5000.


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## 83gemini (Apr 4, 2009)

Not quite. Your combined TFSA *contribution *amount cannot exceed 5k. Obviously the amount in your TFSA accounts can exceed 5k at any given time.


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