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Know your TFSA contribution limit
– moneysense.ca
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 $88,000 as of Jan. 1, 2023.
TFSA contribution limit—2009 to 2023
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
2022
$6,000
$81,500
2023
$6,500
$88,000
Investing ideas for your TFSA
TFSAs are not just for savings…
The best TFSAs in Canada for 2022
– moneysense.ca
Watch: What is a TFSA
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What the heck is a TFSA?
– moneysense.ca
Friend: Ugh, I’m so lost when it comes to money. What should I do?
One of the greatest mistakes young people can make right now (other than blow their money on something stupid, like, say, a house in Toronto) is not realize that their money can do more than just sit there.
Me: Well, do you have a TFSA?
Friend: Yes (in a proud voice).
Me: That’s great, you’re ahead of the game. What are you investing in?
Friend: W-w-what?
I then went on to explain what a TFSA really is. The tax-free savings account is NOT, I repeat, NOT just a savings account.
What is a TFSA?
A tax-free savings account (TFSA) should really be called a tax-free INVESTMENT account…