Much ado about nearly nothing

Tax Free Savings Accounts (TFSAs) appeared on the Canadian financial landscape in January 2009. There was a bit of fuss on my Facebook feed on this theme in late December 2009. The consensus was that if you did not open an account somewhere and make a first contribution in 2009, then you would lose the option of carrying forward any unused portion of the $5000 contribution limit to 2010. One year later, it still sounds like urban folklore to me but then again, it might be true.

My account is set up through ING direct, and they mail me paper statements quarterly. It pays interest at a rate of 2%. I have a small monthly amount deducted directly from my chequing account at RBC. My TFSA closing balance one year later is $322.06. I should eventually check out the facts, and I probably will. I do not yet need to know.

Interest paid this quarter? $1.03

Update, January 23:
Just opened a great letter from ING Direct in which they clearly lay out basic facts:

• Deposit up to $5000 a year and carry forward any unused portion. With TFSAs now in their third year, that's a total deposit limit of $15 000.
• You can withdraw money from the TFSA at any time without paying tax, but you must wait until the next calendar year to redeposit that amount.
• Any money you withdraw can be deposited again the following year, in addition to the annual $5000 limit.