TFSA R30k limit per year

[ngezas12]

Hi,

I have a question on Tax Free Savings Account R30k contribution limit per year.

I want to know if you can invest in two TFSA accounts in two different institutions. In other words let's say I invest in a TFSA in EasyEquities R30k from 01/03/2016 to 28/02/2017 and a TFSA in Satrix R30k for the same period, meaning that I have invested R60k but split in two different accounts held in two investment houses.

Or you can only split the R30k between the two investment houses to meet your R30k limit?

Thanks

 

[Eti1]

Hi,

I have a question on Tax Free Savings Account R30k contribution limit per year.

I want to know if you can invest in two TFSA accounts in two different institutions. In other words let's say I invest in a TFSA in EasyEquities R30k from 01/03/2016 to 28/02/2017 and a TFSA in Satrix R30k for the same period, meaning that I have invested R60k but split in two different accounts held in two investment houses.

Or you can only split the R30k between the two investment houses to meet your R30k limit?

Thanks

The second one. It's R30K across all platforms.

 

[Gtx Gaming]

Yes you can if you married ICOP and your other half does not have TFSA account.

Its 30k per person per year.

 

[diapason]

R30k per year IN TOTAL. If you try to deposit more you will pay a penalty of 40% of the excess. Note also that if you decide to split your annual R30k between 2 or more investments, it is up to you to keep track.

 

[Thor]

Hi,

I have a question on Tax Free Savings Account R30k contribution limit per year.

I want to know if you can invest in two TFSA accounts in two different institutions. In other words let's say I invest in a TFSA in EasyEquities R30k from 01/03/2016 to 28/02/2017 and a TFSA in Satrix R30k for the same period, meaning that I have invested R60k but split in two different accounts held in two investment houses.

Or you can only split the R30k between the two investment houses to meet your R30k limit?

Thanks

You’re allowed to invest up to R 30 000 per year, and you get a R 500 000 lifetime limit.

You can deposit and access your funds whenever it suits you.

You’re allowed to invest in certain Exchange Traded Funds (ETFs) that are classified as Collective Investment Schemes.

There are currently 37 approved ETFs and more are being added to the list monthly.

Any profits you make don’t contribute to your annual or lifetime limits. This means that you can reinvest the interest, capital gains and dividends, growing your investment even more!

If you exceed the annual and lifetime limits, there are penalties (SARS will charge you a 40% tax on all contributions that exceed these amounts).

Any amount that you withdraw from your account will count towards your annual and lifetime limit. If you have deposited R 30 000 and withdraw R 15 000 in the same year, you cannot deposit any more funds as you have already used your R 30 000 deposit allocation. It’s all about a deposit limit, so withdraw funds wisely!

 

[ngezas12]

Thank you so much guys for a quick response.

I will have to make some changes because it means I misunderstood the rules and my monthly contributions might be bothering on that limit already for this month. It looks like I might have made a wrong move then..

Once again thank you guys..

 

[Thor]

Thank you so much guys for a quick response.

I will have to make some changes because it means I misunderstood the rules and my monthly contributions might be bothering on that limit already for this month. It looks like I might have made a wrong move then..

Once again thank you guys..

What did you do, ie how are you doing it currently?

 

[Neo_X]

Thank you so much guys for a quick response.

I will have to make some changes because it means I misunderstood the rules and my monthly contributions might be bothering on that limit already for this month. It looks like I might have made a wrong move then..

Once again thank you guys..

MY TFSA needs some topping up - you are welcome to transfer to my side.

what you can do, is open up TFSA's for your family/children and invest into that.

 

[ngezas12]

I did it exactly the way I explained on my initial post.

So in summary I bought Satrix-40 and Satrix-Indi back in 2014 and also invested through Vestact. So last year I moved most of my investments to EasyEquities so I opened a TFSA with EasyEquities but instead of moving my investments with Satrix instead I opened a TFSA account with them and i moved my old Satrix 40 & Indi to EasyEquities.

Now for a while I have been worried about having two TFSA accounts and unfortunately I could not find anything that talks to my situation on the net.

So yes that's about it..

 

[Thor]

Ahh

 

[ngezas12]

Great advice thanks Neo_X