TFSA – LIMIT for 2023
Posted by: admin | Posted on: November 28th, 2019 | 0 Comments
Each year you can contribute an amount up to your contribution room for the year.
The Contribution Limit for 2024 will be $7,000 / Cumulative Total for all years will be $95,000
The Contribution Limit for 2023 is $6,500 / Cumulative Total all years $88,000
Annual Contribution Limits
| Years | TFSA Annual Limit | Cumulative Total |
| 2009, 2010, 2011, 2012 | $5,000 per year | $20,000 |
| 2013, 2014 | $5,500 per year | $31,000 |
| 2015 | $10,000 | $41,000 |
| 2016, 2017, 2018 | $5,500 per year | $57,500 |
| 2019, 2020, 2021, 2022 | $6,000 per year | $81,500 |
| 2023 | $6,500 | $88,000 |
A TFSA is generally be permitted to hold the same investments as a registered retirement savings plan. This means you may have multiple TFSA accounts at different financial institutions and they could include mutual funds, publicly traded securities, GICs, bonds, and alternative investments.
The CRA determines TFSA contribution room for each eligible individual who files an annual T1 individual income tax return.
Any unused contribution room from previous years can be added to the contribution room for the year.
Some Basic TFSA rules: · Unused annual contribution limits are cumulative. · All income earned in a TFSA is not taxable. · All withdrawals are not taxable. · Any withdrawal from a TFSA will result in a matching increase to your available contribution room, however, you cannot replace the credited withdrawal amount until Jan. 1st of the following calendar year. · You may have multiple TFSA accounts at different financial institutions but the combined value cannot exceed the maximum cumulative contribution room allowable.
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