How do I use the limit to calculate my TFSA contribution room?
To calculate the total room in your TFSA available for contributions, you can add this year’s contribution limit to any unused contribution room from previous years, plus any withdrawal amounts from prior years.
Contribution room starts accumulating from the time you turn 18, or in 2009 (when the TFSA was introduced), whichever is later. So, if you open a new TFSA in 2024 and have never contributed to a TFSA elsewhere, you would have total available contribution room of $95,000.You can find your TFSA contribution room by logging into My Account on the CRA website, although it doesn’t reflect any contributions or withdrawals of the current year. It’s important to double check your contribution room each year as there can be penalties through CRA for over-contributing.
| Year | Contribution Limit |
| 2009, 2010, 2011 & 2021 | $5,000.00 |
| 2013 & 2014 | $5,500.00 |
| 2015 | $10,000.00 |
| 2016, 2017, 2018 | $5,500.00 |
| 2019, 2020, 2021 & 2022 | $6,000.00 |
| 2023 | $6,500.00 |
| 2024 | $7,000.00 |
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