TFSA 2020

Jan 15, 2020 | Jeremy Goldfarb


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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  • all gains made are tax free and can be withdrawn as such at any time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

      $5,000

      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