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.
$6,000 can be contributed in 2019, and the unused contribution room can be carried forward. 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.
Where can you find your TFSA contribution room information?
Your TFSA contribution room can then be seen through Canada Revenue Agency’s My Account e-services, or you can phone CRA to get the balance.
TFSA Contribution limit
| Year | TFSA Annual Limit | TFSA Cumulative Limit |
|---|---|---|
| 2009 | $5,000 | $5,000 |
| 2010 | $5,000 | $10,000 |
| 2011 | $5,000 | $15,000 |
| 2012 | $5,000 | $20,000 |
| 2013 | $5,500 | $25,500 |
| 2014 | $5,500 | $31,000 |
| 2015 | $10,000 | $41,000 |
| 2016 | $5,500 | $46,500 |
| 2017 | $5,500 | $52,000 |
| 2018 | $5,500 | $57,500 |
| 2019 | $6,000 | $63,500 |