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By depositing money into the Tax-Free Savings Account of your child, spouse or family member, you are contributing towards (using-up) their annual (R36 000) and lifetime (R500 000) limit. See full details on limits HERE

By way of example:

If you deposited R10 000 into your spouse’s / child's account within any tax year, any further contributions by anyone to any TFSA accounts held in the name of that child / spouse within the same tax year, would need to be limited to R26 000 (R36 000 - R10 000 = R26 000) to avoid any tax penalties. A deposit into the TFSA account of a child, spouse or family member will not affect the annual or lifetime limits of TFSA accounts in your name.

Please Note

The Tax Years runs from 1 March to 28/29 February every year.

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