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What is my limit for Tax Free Savings Account (TFSA) contributions?

Ask The Professionals January 2018

Written by Dave Lee
January 10, 2018

Q: What is my limit for Tax Free Savings Account (TFSA) contributions?

A: $5,500 for 2018, plus any unused room from previous years.

2009 $5,000        2014 $5,500

2010 $5,000        2015 $10,000

2011 $5,000        2016 $5,500

2012 $5,000        2017 $5,500

2013 $5,500        2018 $5,500

Canadian residents who have been adults since 2009 have a total contribution room of $57,500. Depending on the growth of your investments, your TFSA could be worth much than $57,500.  Also, any amounts you have taken out of your TFSA can re-contributed starting in the year after the withdrawal.