The TFSA annual contribution limit has been announced for 2024! The annual limit is $7,000 which is an increase of $500 from the $6,500 limit for 2023.
Starting January 1st, the cumulative contribution amount since 2009 will total $95,000. Below is a chart that outlines the previous years’ annual contribution limits:
| TFSA Contribution Room | ||
| Years | Annual Limit | Cumulative Total |
| 2009-2012 | $5,000 | $20,000 |
| 2013-2014 | $5,500 | $31,000 |
| 2015 | $10,000 | $41,000 |
| 2016-2018 | $5,500 | $57,500 |
| 2019-2022 | $6,000 | $81,500 |
| 2023 | $6,500 | $88,000 |
| 2024 | $7,000 | $95,000 |
A TFSA is an extremely powerful account as it allows your savings to be invested, grow, and be withdrawn – all tax free. We have recently written a blog post that highlights five key benefits and illustrates the power of compounding within a TFSA. I encourage you to give it a read:
The power of a Tax-Free Savings Account
If you are unsure what TFSA contribution room you have, you can find out by calling CRA at 1-800-267-6999 or check online by logging onto your account on the CRA website.
Please do not hesitate to give us a call if you have any questions. If you have family and friends that would like to open a TFSA or can benefit from our services, please do not hesitate to give them our contact information.
“How will you replace your current income in retirement?”™ - Jim Seyers