How much can I contribute to my TFSA?

With all its benefits, it’s no surprise Tax-Free Savings Accounts (TFSAs) are one of the most popular registered investment products on the market. I mean, your money grows tax-free for life – what’s not to love!

One of its greatest features is the rolling contribution limit, meaning any unused contribution room can be carried forward to future years. Each year since the program launched in 2009, the federal government sets the annual TFSA contribution limit. The limits are the same for everyone, regardless of your income, but with limits fluctuating year to year, it’s easy to lose track of how much room you have leftover to contribute.

Let’s break it down.

In 2021, the contribution limit remained at $6,000, which means you can deposit a maximum of $6,000 into your TFSA within the calendar year. 

However, if you haven’t been putting away the maximum contribution since the program started in 2009, you may have some leftover contribution room to use! 

For example, if you’ve never contributed to a TFSA before, you were at least 18 years old in 2009 when the program launched and you’ve been a resident of Canada for the program period, your contribution limit would be $75,500. That means, you could contribute the entire $75,500 today, without penalty.

Year Limit
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
2021 $6,000

Cumulative

$75,500

If you’ve made withdrawals from your TFSA, it can affect your contribution limit. Learn more about what withdrawals mean for your TFSA and how to avoid being charged a penalty for over-contributing.

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