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  James M. DiCenzo, Portfolio Manager, Senior Investment Advisor, iAS

Tax Free Savings Account (TFSA)

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.

 James M. Di Cenzo  FCSI®  Portfolio Manager CIM®  | Senior Investment Advisor  | Telephone: 905-336-1364  or Toll Free: 866-336-1364  | Email: james.dicenzo@iagto.ca
Burlington Main Office:  1001 Champlain Ave, Suite 201, Burlington, ON L7L 5Z4        Toronto Office:   26 Wellington St E, Suite 900, Toronto, ON M5E 1S2  

If you would like to discuss your current investments or retirement plans, please let us know.   All consultations are completely confidential. 
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"If everyone is moving forward together, then success takes care of itself."  Henry Ford

This information has been prepared by James M. DiCenzo, Portfolio Manager | Senior Investment Advisor  for Industrial Alliance Securities Inc. (IAS) and does not necessarily reflect the opinion of IAS.  The information contained in this document comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability.  The opinions expressed are based on an analysis and interpretation dating from the time of publication and are subject to change.  Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors.  For more information about IAS, please consult the official website at www.iasecurities.ca.   The Investment  Advisor can open accounts only in the provinces where he is  registered.  Industrial Alliance Securities Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Securities is a trademark and business name under which Industrial Alliance Securities Inc. operates.


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