Who can invest in a TFSA?
A TFSA is only available to individuals (natural persons).
How much can I invest?
An individual can contribute up to R33,000 per annum, with a lifetime contribution limit of R500,000 (currently). Should you exceed these limits you will incur a tax penalty of 40% on any excess contributions, as no amount can be rolled-over into the next year. It’s a case of “use it or lose it” for a particular year and should you have multiple accounts you will need to keep track of contributions to avoid penalties. Keep it simple and it should not be a problem. DOWNLOAD PDF