Know your TFSA contribution limit + MORE Oct 6th

For Canadian investors and savers, it’s always some of the best news to come each year: new TFSA room that becomes available each January 1. And for 2022, the TFSA contribution limit is $6,000.
The actual TFSA yearly limit was set at $5,000 back in 2009 when the investment account was first created, but it’s indexed to inflation each year and rounded to the nearest $500 to simplify things for investors. The exception was 2015, when the TFSA limit was hiked up to $10,000 for a single year before being decreased to $5,500.
Someone who has never contributed to a TFSA and was born in 1991 or earlier could have cumulative contribution room of $81,500 as of Jan. 1, 2022.
TFSA contribution limit—2009 to 2022

Year
TFSA Annual Limit
TFSA Cumulative Limit

2009
$5,000
$5,000

2010
$5,000
$10,000

2011
$5,000
$15,000

2012
$5,000
$20,000

2013
$5,500
$25,500

2014
$5,500
$31,000

2015
$10,000
$41,000

2016
$5,500
$46,500

2017
$5,500
$52,000

2018
$5,500
$57,500

2019
$6,000
$63,500

2020
$6,000
$69,500

2021
$6,000
$75,500

Investing ideas for your TFSA
TFSAs are not just for savings…

If you find yourself in debt, you’re not alone: Nearly three-quarters of Canadians have some type of outstanding debt, according to Statistics Canada. It’s a natural part of the financial life cycle, especially when buying a car, paying for post-secondary costs or buying a home.

And who doesn’t want to find a way to save more? Countless studies show Canadians are not saving enough towards retirement, and many current retirees report wishing they had socked away more along the way.

Whether you’re juggling credit card balances or trying to boost your savings, here are some strategies to help you get there faster.

1. Set a goal

If you’re serious about saving, you need to set a goal so you know what you’re saving for. Whether it’s a trip to Japan you hope to take in a few months or saving up for retirement, having a very specific goal will help you stay motivated and on track.

2. Track your dollars

The best way to get on track to saving is to spend less than you earn…