As of January 1, 2020, the Tax Free Savings Account (TFSA) annual contribution limit is $6,000.
TFSA Dollar Limits:
TFSA Dollar Limits:
|
2009: $5,000
2010: $5,000 2011: $5,000 2012: $5,000 2013: $5,500 2014: $5,500 2015: $10,000 |
2016: $5,500
2017: $5,500 2018: $5,500 2019: $6,000 2020: $6,000 Source: Revenue Canada
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Within your TFSA, any unused contribution room is carried forward to future years such that the cumulative limit for someone who has never contributed may be as high as $69,500.
As noted in previous years, the TFSA is a great place to grow your savings, as well as 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). If you need to withdraw funds from your TFSA, you may contribute any past withdrawals in the following calendar year.
As noted in previous years, the TFSA is a great place to grow your savings, as well as 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). If you need to withdraw funds from your TFSA, you may contribute any past withdrawals in the following calendar year.
Revenue Canada Important Dates Link:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/important-dates-rrsp-rrif-rdsp.html
Always consult with your tax professional and/or refer to your Revenue Canada Notice of Assessment to confirm your TFSA and RRSP contribution limits.
If you need to speak with an tax professional, please let us know.
We will schedule time for you to meet (or speak) with a Chartered Professional Accountant.
Photo: https://unsplash.com/photos/sMCBEI5zkqc
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/important-dates-rrsp-rrif-rdsp.html
Always consult with your tax professional and/or refer to your Revenue Canada Notice of Assessment to confirm your TFSA and RRSP contribution limits.
If you need to speak with an tax professional, please let us know.
We will schedule time for you to meet (or speak) with a Chartered Professional Accountant.
Photo: https://unsplash.com/photos/sMCBEI5zkqc
