Can I have more than one TFSA account? Does the contribution room apply across all TFSA accounts?
You can have as many TFSA accounts as you wish. However, your contribution room applies across all accounts. For example, say you have two TFSA accounts at Bank A and Bank B and your 2009 TFSA contribution room is $5,000. You are allowed to divide your contribution between your two accounts however you wish (you can contribute $2,000 to the Bank A account and $3,000 to the Bank B account) but the total contributions across all accounts cannot exceed $5,000.
