Max Tfsa Contribution Room

So you re looking for the past annual tfsa contribution limits.

Max tfsa contribution room.

Past tfsa contribution limits. Income earned on contributions is not taxed. The annual tfsa dollar limit for the years 2009 2012 was 5 000. The tfsa contribution limits starts accumulating once you turn 18 unlike rrsp where you need to have income.

Unused tfsa contribution room rolls over from one year into the following year. Your tfsa contribution room can be carried forward indefinitely. The tfsa account holder may withdraw money from the account at any time free of taxes. Your tfsa contribution room increases every year after you turn 18.

How tfsa contribution room is calculated. You can also carry forward any unused contribution room from previous years. The annual tfsa dollar limit for the years 2013 2014 was 5 500. Starting in 2009 tfsa contribution room accumulates every year if at any time in the calendar year you are 18 years of age or older and a resident of canada.

Your tfsa contribution room is the maximum amount that you can contribute to your tfsa. Your annual tfsa contribution room increase can be found here currently it s 6000 00 year indexed to inflation. The annual tfsa contribution limits per year since 2009 are listed below. The choice of investing in your tfsa or rrsp first is still a debated question but what isn t up for debate is your contribution amount per year and how much you accumulate in contribution room.

The tfsa account is relatively new and often referred to as a younger sibling to the rrsp. The tfsa contribution limit for 2020 is 6 000. If you have never contributed to a tfsa you can deposit a total of 69 500. The maximum annual contribution room for each year prior to 2013 was 5 000 per year.