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.