Tax Free Savings Account Contribution Limits, 2019
As of January 1, 2019, the Tax Free Savings Account (TFSA) annual contribution limit
has been raised to $6,000 for 2019.
TFSA Dollar Limits:
2009: $5,000
2010: $5,000
2011: $5,000
2012: $5,000
2013: $5,500
2014: $5,500
2015: $10,000
(special thanks to the late Hon. Jim Flaherty)
2016: $5,500
2017: $5,500
2018: $5,500
2019: $6,000
(and thank you Bill)
Within your TFSA, any unused contribution room can be carried forward to future years such that the cumulative limit for someone who has never contributed can be as high as $63,500 (please confirm with your accounting professional before making your contribution). As noted in previous years, the TFSA is a great place to grow excess retirement earnings; all interest, dividends and capital gains collected within your TFSA account are tax-free. Unlike the RRSP/RRIF, you may continue to contribute to your TFSA even if you are drawing on your Registered Retirement Income Fund (RRIF) and recontribute any past withdrawals the following calendar year.
Last, please note March 1, 2019 is the deadline for contributing to an RRSP for the 2018 tax year.
Source: Revenue Canada
https://www.canada.ca/en/revenue-agency/services/tax/registered-plans-administrators/pspa/mp-rrsp-dpsp-tfsa-limits-ympe.html
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/important-dates-rrsp-rrif-rdsp.html
If you have any questions regarding your TFSA contribution limit, or your RRSP contribution room, please contact us.
has been raised to $6,000 for 2019.
TFSA Dollar Limits:
2009: $5,000
2010: $5,000
2011: $5,000
2012: $5,000
2013: $5,500
2014: $5,500
2015: $10,000
(special thanks to the late Hon. Jim Flaherty)
2016: $5,500
2017: $5,500
2018: $5,500
2019: $6,000
(and thank you Bill)
Within your TFSA, any unused contribution room can be carried forward to future years such that the cumulative limit for someone who has never contributed can be as high as $63,500 (please confirm with your accounting professional before making your contribution). As noted in previous years, the TFSA is a great place to grow excess retirement earnings; all interest, dividends and capital gains collected within your TFSA account are tax-free. Unlike the RRSP/RRIF, you may continue to contribute to your TFSA even if you are drawing on your Registered Retirement Income Fund (RRIF) and recontribute any past withdrawals the following calendar year.
Last, please note March 1, 2019 is the deadline for contributing to an RRSP for the 2018 tax year.
Source: Revenue Canada
https://www.canada.ca/en/revenue-agency/services/tax/registered-plans-administrators/pspa/mp-rrsp-dpsp-tfsa-limits-ympe.html
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/important-dates-rrsp-rrif-rdsp.html
If you have any questions regarding your TFSA contribution limit, or your RRSP contribution room, please contact us.
