Tax Free Savings Account (TFSA)
TFSA
Tax-Free Savings Account (TFSA) is a Federal Government introduced registered savings product that allows taxpayers to earn investment income tax-free. A TFSA allows Canadian Residents age 18 to set money aside in eligible savings accounts or investment vehicles and watch those savings grow tax-free throughout their lifetime. The TFSA is offered to complement existing registered products such as the RRSP and RESP, which have a more defined purpose (saving for retirement and post-secondary education costs respectively).TFSA contribution room
Your TFSA contribution room is the maximum amount that you can contribute to your TFSA.
Starting in 2009, TFSA contribution room accumulates every year, if at any time in the calendar year you are 18 years of age or older, have a valid Canadian social insurance number and are a resident of Canada.
You will accumulate TFSA contribution room for each year even if you do not file an income tax and benefit return or open a TFSA.
TFSA limit for 2009, 2010, 2011 and 2012 was $5,000
TFSA limit for the years 2013, 2014 is $5,500
TFSA limit for 2015 $10,000
TfSA limit for 2016 $5,500
TFSA limit for 2017 $5,500
TFSA Limit for 2018 $5,500
TFSA Limit for 2019 &2020 &2021 & 2022 $6,000
TFSA Limit for 2023 $6,500
TFSA Limit for 2024 $7,000
