The CRA announced an increase to the annual contribution limit for 2024.
The 2024 TFSA Contribution limit is $7,000, up from $6,500 in 2023. This brings the total lifetime contribution room to a cumulative $95,000 for anyone that hasn't contributed and was 18 in 2009 when the Tax Free Savings Accounts were introduced.
Past Contribution Limits were:
For 2009, 2010, 2011 and 2012: $5,000
For 2013 and 2014: $5,500
For 2015: $10,000
For 2016, 2017 and 2018: $5,500
For 2019, 2020, 2021 and 2022: $6,000
For 2023: $6,500
For 2024: $7,000
Prearrange your 2024 Contribution
- Mail us a post-dated cheque payable to RBC Dominion Securities Inc.
- Call any of us (Kirsten, Meaghan, Adam or Jason) to arrange, where applicable, your contribution from your non-registered investment account or bank account.
Or After January 1st
- Make your contribution through your online banking
Your TFSA enables you to invest in a wide range of choices, and your investment returns are on a tax-free basis within your TFSA. You never pay tax on these returns. In addition, you can make tax-free withdrawals at any time, for any reason, and the amount you withdraw is added back to your available contribution room the following year.