Tax Free Savings Account (TFSA) annual and lifetime contribution limit reminder скачать в хорошем качестве

Tax Free Savings Account (TFSA) annual and lifetime contribution limit reminder

This video is a reminder regarding the annual contribution limit of R36,000 and the consequences of over contributing as well as making regular withdrawals. 𝐀𝐧𝐧𝐮𝐚𝐥 𝐓𝐅𝐒𝐀 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐥𝐢𝐦𝐢𝐭: 𝐑𝟑𝟔,𝟎𝟎𝟎 SARS still sets the annual limit at R36,000 per tax year (1 March – 28/29 February). Contributions across all providers are aggregated (banks, insurers, platforms like Allan Gray, etc.). Over‑contributions are penalised at 40% of the excess, not your marginal tax rate. Providers report via IT3(s) certificates, and only SARS sees the full picture across institutions. 𝐋𝐢𝐟𝐞𝐭𝐢𝐦𝐞 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐥𝐢𝐦𝐢𝐭: 𝐑𝟓𝟎𝟎,𝟎𝟎𝟎 The lifetime limit remains R500,000 per individual. This is a contribution limit, not a balance limit — growth may exceed R500,000 tax‑free. Withdrawals permanently reduce available lifetime allowance 𝐖𝐢𝐭𝐡𝐝𝐫𝐚𝐰𝐚𝐥𝐬 𝐝𝐨 𝐍𝐎𝐓 𝐫𝐞𝐬𝐭𝐨𝐫𝐞 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐫𝐨𝐨𝐦. Example: Contribute R100,000 Withdraw R50,000 Lifetime used = R100,000, not R50,000 Interest, dividends, capital gains, and switches within the TFSA are tax‑free. Capitalised growth does not count as a contribution. Re‑contributing withdrawn funds counts again toward the R500,000 cap. #CetricWealth #TFSA #financialplanning