The TFSA account for investors is starting to become relevant in long term savings. With a current maximum of $69,500 a long term investment has the real potential to grow into a meaningful amount. Even more meaningful, would be regular monthly contributions. If you can afford to, a full lump sum contribution at the beginning of each year should fare even better.
Below is a table of the annual allowances year by year.
- you don't lose contribution room, it accumulates
- if you withdraw funds, you can reclaim that contribution amount in the following year. You don't lose that either
- all gains made are tax free and can be withdrawn as such at any time
year amount 2009 $5,000 2010
2011 $5,000 2012 $5,000 2013 $5,500 2014 $5,500 2015 $10,000 2016 $5,500 2017 $5,500 2018 $5,500 2019 $6,000 2020 $6,000 TOTAL $69,500