conversation: User (fozz179): "Right now i only have a checking account. \n\nI'm looking to open a savings account where i would receive direct deposits from work and then move some of it into my checking account.\n\nHowever if i wanted to open a TFSA it would have to be in addition to the regular savings account, correct? Because of the yearly contribution limit?\n\nSo instead i could do something like, have direct deposits go into a regular savings account, contribute some of that to the TFSA and then some to the checking one. \n\nDoes that make sense?"
  Self: "Think of a TFSA as an account type.\n\nThe most popular accounts you can make TFSA are a TFSA Savings Account, and a TFSA Trading / Brokerage Account (for stocks).\n\nYou actually can have as many as you want as long as you do not go over the limit you can contribute (which is around 55K I believe).\n\nI have two TFSA's, one for Trading, and one for Saving. This is the same as if you have a trading RRSP and a saving RRSP in addition to a company contributed RRSP. All that matters is the contribution limit.\n\nSo yes, you have it correct. I would actually send your pay cheque to a checking account, and then split it up between a TFSA (long term savings tax free), and a saving account.\n\nHowever, I highly suggest you open up a trading account TFSA and invest in low cost ETFs."
  CanadianTerminatorz (CanadianTerminatorz): "The contribution limit does in fact depend on when you turn 18. For example, I'm 22 so my limit I believe is 32,500. Many people forget that on this sub"
  Self: "Yeah for sure. You’re right. I Did not feel like calculating it. "
  