Yes, although all accounts are still subject to the single combined
annual contribution limit – currently $6,000.
If, at any time, you contribute an amount above your annual
limit, you’ll be charged a tax of 1% per month on the excess
amount until it’s withdrawn or until your TFSA contribution
room for the following year resets.
You can certainly contribute foreign funds to a TFSA – the
issuer will simply convert the funds to Canadian dollars using
the applicable exchange rate on the date of the transaction. The
total amount of your contribution (in Canadian dollars) cannot
exceed your TFSA contribution room. If dividend income from
a foreign country is paid to a TFSA, the dividend income could
be subject to foreign withholding tax.
You can’t share an account but you may contribute to your
spouse or common-law partner’s TFSA, subject to his or her
available contribution room.
If you name your spouse or common-law partner as the
successor account holder, your TFSA funds can be easily
transferred and continue to grow tax-free. If you don’t appoint
a successor account holder, additional steps are required.