The best TFSAs in Canada for 2022 + MORE Nov 17th

There are more investment options in Canada than you can shake a stick at! Stay on top of the best returns right here.
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What can I hold in an FHSA? + MORE Jan 10th

Would Canadians have access to different account types such as GICs and self-directed investing when it comes to the new tax-free first home savings account, which is rumoured to be introduced this year?It seems this would only make sense as it’s the case with other tax-sheltered accounts (i.e.... More »

Rethinking your approach to TFSA investing in the 2023 Jan 7th

As we begin the new year, it’s natural to start thinking about what the future holds and how we can set ourselves up for financial success in the year ahead. If you’re an investor with a Tax-Free Savings Account (TFSA), you may be wondering how recent changes in the financial landscape w.... More »

Tax Implications of Receiving a Cash Gift in Canada Jan 9th

When it comes to financial transactions with loved ones, many people consider giving or receiving cash gifts. This can be especially common when the gift-giver and recipient are located in different countries. In this article, we will focus on the specific topic of cash gifts from overseas to Canada.... More »

Crypto marketing: What can be said—and not said—in Canada? + MORE Dec 14th

I saw an ad saying there’s no risk in trading bitcoin. How can they say that?—Abbas Good question. Crypto companies try to entice new customers with flashy marketing. Sometimes, the offers sound far too good to be true, promising outsized returns or low to no investment risk.  Here’.... More »

2022’s year in Review: The financial highs, lows and what’s in store for 2023 + MORE Dec 22nd

Investors started 2022 celebrating the record highs of 2021. The S&P 500, Dow Jones and NASDAQ were all up double digits. The S&P 500 achieved the greatest gains in 2021, ending the year up nearly 27%. The feeling was “onward and upward”—then macro issues took over and that changed eve.... More »
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. For 2022, the TFSA contribution limit is $6,000, and for 2023, it is $6,500.

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

TFSA Annual Limit
TFSA Cumulative Limit
















Investing ideas for your TFSA

TFSAs are not just for savings…

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As the name suggests, tax-free savings accounts (TFSAs) offer a tax break on contribution income—meaning that, unlike with a regular savings account or non-registered investment account, what you earn inside your TFSA isn’t taxed, even when you make a withdrawal. TFSAs are flexible, too, allowing you to hold cash, guaranteed investment certificates (GICs), stocks, bonds, exchange-traded funds (ETFs) or mutual funds, so you can tailor your account to different financial strategies and goals. The TFSA contribution limit for 2022 is $6,000, and for 2023 is $6,500, but keep in mind that if you qualified to make a contribution in 2021, but didn’t, that contribution room is still available to you. For those who turned 18 before or in the year 2009, the lifetime contribution limit is $81,500 in 2022 and will increase to $88,000 on Jan. 1, 2023.

Watch: What is a TFSA

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What the heck is a TFSA?


One of the side-effects of working for a personal finance magazine is that my buds good-naturedly ask me for advice. I always oblige, albeit sheepishly, without letting on that I’m still learning, too (which I freely admit here).For instance, the other day I was having lunch with some friends when we started talking about money. The exchange went something like this:
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…

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