The CRA has released the 2024 TFSA contribution limit and it has been officially increased. That limit is $7,000, up from $6,500 in 2023.
The tax-free savings account (TFSA) is a flexible savings vehicle. Investment income earned in this account is tax free, which may help you reach your financial goals more quickly. The TFSA complements existing savings plans which may include your registered retirement savings plan (RRSP), your registered educations savings plan (RESP) and your First-Home Savings Account (FHSA).
Your contribution room
The maximum amount you can contribute is limited to your TFSA contribution room. The total TFSA contribution limit from 2009 to 2023 is $88,000. Starting January 1st, you can add an additional $7,000 to this limit. You begin accumulating contribution room as a resident of Canada starting at age 18.
| Year | TFSA Dollar Limit |
| 2009-2012 | $5,000 |
| 2013-2014 | $5,500 |
| 2015 | $10,000 |
| 2016-2018 | $5,500 |
| 2019-2022 | $6,000 |
| 2023 | $6,500 |
| 2024 | $7,000 |
You can make contributions anytime throughout the year, periodically or as a lump sum. You can also re-contribute amounts you've withdrawn previously, the following year without losing that room. It's important to double check your contribution room each year as there can be penalties through CRA for over-contributing.
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