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Almost one in five Canadians with a TFSA have maximized the contribution room in their account, according to documents from the Canada Revenue Agency obtained by the Financial Post.

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Jonathan Chevreau: The extra contribution doesn’t need to be made with newly earned cash. You can simply move $4,500 of your non-registered securities into a TFSA.





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It’s not just high-income Canadians who appear to have maxed out their TFSA, which offers a life-time exemption from taxes on any investment gains. Right across the income spectrum, significant percentages of Canadians appear poised to benefit from the increase in contribution limits.

Debate continues to swirl in Ottawa about the April Conservative budget, which increased the annual limit to $10,000 from $5,500 and made the maximum contribution limit, as of 2015, $41,000. Liberal leader Justin Trudeau told reporters following the budget he would reduce the annual limit back to $5,000, the level it stood at before it was indexed for inflation.