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Understanding Your TFSA Contribution Room in 2026

A Tax‑Free Savings Account (TFSA) is one of Canada’s most flexible and powerful savings tools, but figuring out your exact contribution room can feel like solving a puzzle. A clear breakdown makes it much easier. How TFSA Contribution Room Works Your available room is made up of three parts: Annual TFSA limit for the current year Unused contribution room from previous years Withdrawals from previous years (added back the following January) For 2026, the annual TFSA limit is $7,000 . Step‑by‑Step: How to Calculate Your Room Use this simple formula: [ \text{TFSA Room} = \text{Unused Room from Prior Years} + \text{Current Year Limit} + \text{Withdrawals from Last Year} ] A quick example: Unused room from past years: $18,000 2026 limit: $7,000 Withdrawals made in 2025: $4,000 [ \text{Total Room} = 18,000 + 7,000 + 4,000 = 29,000 ] That means you could contribute $29,000 in 2026 without penalty. A Few Helpful Notes Over‑contributions lead to penalties, so it’s worth...
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Gift Card Scams: How to Spot and Avoid Them


Gift card scams are devious schemes that can catch anyone off guard. Scammers employ various tactics to trick victims into buying gift cards, which they then promptly redeem. Here’s how to recognize and prevent these scams:

  1. Pressure Tactics: Scammers often pressure victims into purchasing gift cards. They might impersonate government officials, family members, or even romantic interests. Be wary of unsolicited phone calls, texts, emails, or social media messages demanding gift card payments.

  2. Why Gift Cards?: Scammers prefer gift cards because they are anonymous, irreversible, and yield immediate results. Unlike credit card charges, gift card transactions cannot be canceled. Once the funds are gone, they’re gone for good.

  3. Common Scam Types:

    • Money Collection Scams: Fake IRS or utility company employees claim you owe them money and threaten arrest or service cutoff unless you pay with gift cards.
    • Phishing Scams: Scammers impersonate legitimate entities (like Apple or Steam) and ask for gift card numbers.
    • Physical Store Scams: Scammers may target victims inside brick-and-mortar stores.
    • Digital Markets: Big companies’ gift cards (Amazon, Target, eBay) and digital platforms (Steam, Google Play) are vulnerable.
    • Vanilla Gift Cards: Scammers love VISA vanilla gift cards because they’re valid everywhere.

  4. Stay Safe:

    • Spot Check: Verify the source of unsolicited emails or messages before responding.
    • Don’t Send: Legitimate entities won’t demand immediate payment via gift cards.

Remember, vigilance is key. Protect yourself by staying informed and avoiding suspicious requests for gift card payments. If you suspect a scam, report it promptly.


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