What is the TFSA contribution limit for 2021?
- The limit is $6,000 (same as 2019 and 2020)
- Here is the announcement from CRA
What is the total contribution room available for someone who has never contributed?
- $75,500 (assuming they have been eligible since 2009)
Why didn't the TFSA limit go up to $6500 this year?
- It usually takes 2-3 years for an increase to occur. The TFSA limit is indexed to inflation and goes up in increments of $500. Because CRA's inflation number was 1% this year the cumulative increase wasn't big enough to hit the next level.
Where do I find out my TFSA contribution room?
What are the past TFSA contribution limits (by year)?
- 2009-2012: $5,000
- 2013-2014: $5,500
- 2015: $10,000
- 2016-2018: $5,500
- 2019-2021: $6,000
TFSA general information:
- For questions like: Who can open a TFSA? Should I do a TFSA or a RRSP? Click here
Here is the TFSA lifetime contribution room for individuals who have never made a TFSA contribution (based on age):
| Year you turned 18 | Your Limit |
|---|---|
| 2009 or earlier | $75,500 |
| 2010 | $70,500 |
| 2011 | $65,500 |
| 2012 | $60,500 |
| 2013 | $55,500 |
| 2014 | $50,000 |
| 2015 | $44,500 |
| 2016 | $34,500 |
| 2017 | $29,000 |
| 2018 | $23,500 |
| 2019 | $18,000 |
| 2020 | $12,000 |
| 2021 | $6,000 |