A Tax-Free Savings Account (TFSA) is a registered savings product that allows taxpayers to earn investment income tax-free.
TFSAs were first introduced in Canada in 2009, and are available at most Canadian financial institutions. A Tax-Free Saving Account allows any Canadian over the age of 18 to save or invest money without paying taxes on the gains made inside the account.
The federal government has increased the TFSA contribution limit to $6,500. This amount is $500 higher than in 2022, which marks the first increase in the contribution room since 2019. The cumulative lifetime contribution room for eligible Canadians is $88,000. All TFSA contributions made during the year, including the replacement or re-contribution of withdrawals made from a TFSA, will count against your contribution room. The unused contribution room can be carried forward to the following year.
How much is your TFSA contribution room in 2023?
Use our simple calculator to estimate how much is your TFSA contribution room.
Please note that the calculator is for information purposes only. For the exact contribution room available for you can be seen through Canada Revenue Agency’s My Account e-services, or you can phone CRA to get the balance.
TFSA Contribution limit by year
|TFSA Contribution Limit|
|Year||TFSA Annual Limit||TFSA Cumulative Limit|
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